Q5. The "Business Expenses" portion of Amy's expenditures refers to the cupcake business she started out of her home. It is becoming increasingly popular, and she is considering taking out a loan of $5000 that will help her increase the size of her business. Determine the monthly payments for each loan offer below.

2-year loan

Transcribed Image Text:

Business Loan Amortization Schedule Date Interest Principal Balance Jan, 2020 $26 $196 $4,804 Feb, 2020 $25 $197 $4,606 Mar, 2020 $24 $198 $4,408 Apr, 2020 $23 $199 $4,209 May, 2020 $21 $200 $4,008 Jun, 2020 $20 $201 $3,807 Jul, 2020 $19 $202 $3,604 Aug, 2020 $18 $203 $3,401 Sep, 2020 $17 $205 $3,196 Oct, 2020 $16 $206 $2,991 Nov, 2020 $15 $207 $2,784 Dec, 2020 $14 $208 $2,576 2020 $239 $2,424 $2,576 Business Loan Amortization Schedule Date Interest Principal Balance Jan, 2020 $26 $196 $4,804 Feb, 2020 $25 $197 $4,606 Mar, 2020 $24 $198 $4,408 Apr, 2020 $23 $199 $4,209 May, 2020 $21 $200 $4,008 Jun, 2020 $20 $201 $3,807 Jul, 2020 $19 $202 $3,604 Aug, 2020 $18 $203 $3,401 Sep, 2020 $17 $205 $3,196 Oct, 2020 $16 $206 $2,991 Nov, 2020 $15 $207 $2,784 Dec, 2020 $14 $208 $2,576 2020 $239 $2,424 $2,576