A loan for 50,000 has level payments to be made at the end of each year for 10 years at an annual effective rate of 9%. Find a) the balance at the end of 3 years and b) the principal and interest paid in the third payment.

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.