Construct an amortization schedule showing

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Your brother plans to borrow $37,000 at a 6.8% interest rate compounded annually. The contract terms require your brother to amortize the loan with 8 equal payments each made at the end of each year. He asks for your help to construct an amortization schedule showing details of out of the payments. Answer the following question:

For the second year, how much payment amount does your brother need to make?

Reference no: EM132866035

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