You are about to borrow $15,000 "from a bank at an interest rate of" 8% compounded annually. You are required to make three equal annual repayments in the amount of $5,820.50 per year, with the first repayment occurring at the end of year 1. Show the interest payment and principal payment in each year.
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Home » Business » You are about to borrow $15,000 "from a bank at an interest rate of" 8% compounded annually. You are required to make three equal annual repayments in the amount of $5,820.50 per year, with the first repayment occurring at the end of year 1.