Wednesday, 28 October 2015

Prepare an amortization schedule for a five-year loan of $57,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments.

Prepare an amortization schedule for a five-year loan of $57,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.)
 
 
YearBeginning
Balance
 
Total
Payment
 
Interest
Payment
 
Principal
Payment
 
Ending
Balance
1  
2  
3  
4  
5  


 
How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
  
  Interest paid  

 
How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
  
  Total interest paid  

 
Explanation:

No comments:

Post a Comment