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You get a car loan for $16,000 at an annual interest rate of 7%, which requires 5 annual payments. Draw a loan amortization chart, which details the payment, interest and principal each year of the loan. Replicate the chart in Excel using monthly payments.

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Answer:

MS Excel File is attached for the loan amortization chart, which details the payment, interest and principal each year of the loan. Replicate the chart in Excel using monthly payments. Ever things is calculated using formulas and a check is also been applied which is highlighted in yellow fill.

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