Suppose you borrow $15000. The loans annual interest rate is 8%, and i
QUESTION
Suppose you borrow $15000. The loans annual interest rate is 8%, and it requires four equal end-of year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances.
15000*.08=1200 interest payment1 year 15000/4=3750 principal —1 year 15000-3750=11250 11250*.08=900 interest payment 2 year 3750 principal payment 2 year 11250-3750=7500 7500*.08-600
st paymant 3 year 3750 pricipal payment 3 year 7500-3750=3750 3750*.08=300 interest payment 4 year 3750 principal payment 4 year
ANSWER:
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.