You took a 5 year, $100,000 loan. The loan has equal principal payments. The loan carries a
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Question:
You took a 5 year, $100,000 loan. The loan has equal principal payments. The loan carries a 6% annual interest rate and is paid back in annual payments.
1. What is the outstanding balance of the loan after 3 years?
2. Compute an amortization table for the loan.
3. What is the interest payment on the fourth installment?
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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