You are borrowing 6000 today the loan is an amortized, Financial Management

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You are borrowing 6000 today the loan is an amortized

You are borrowing $6,000 today. The loan is an amortized 6-year loan with an APR of 8 percent. The loan requires that $1,000 of the principal amount be repaid each year. Payments are to be made annually. What is the amount of the interest for the third year of the loan?

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Financial Management: You are borrowing 6000 today the loan is an amortized

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