Give typing answer with explanation and conclusion If the annual payment mortgage constant for an amortizing loan is 10.6%, and the loan amount is $25,000,000, what is the annual payment?

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A:

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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.