A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years. a. What is the
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Question:
A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years.
a. What is the annual interest rate?
b. Construct a loan amortization schedule to include the amount of interest and principal paid each year as well as the remaining balance at the end of each year.
Enter the last principal number in year 3: for example in problem 13: you would enter 5735.84 (which was the last principal for 4 years).
Related Book For
Contemporary Financial Management
ISBN: 9780324289114
10th Edition
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
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