Question: What is an amortized loan What is an amortization schedule
What is an amortized loan? What is an amortization schedule and how is it used?
Answer to relevant QuestionsIf you invest $500 today in an account that pays 6 percent interest compounded annually, how much will be in your account after two years?Find the future value of the following annuities due:a. $400 per year for 10 years at 10 percentb. $200 per year for five years at 5 percentA mortgage company offers to lend you $85,000; the loan calls for payments of $8,273.59 per year for 30 years. What is the effective annual interest rate, rEAR, that the mortgage company is charging you?Find the present value of $500 due in five years under each of the following conditions:a. 12 percent simple rate, compounded annuallyb. 12 percent simple rate, compounded semiannuallyc. 12 percent simple rate, compounded ...The First City Bank pays 7 percent interest, compounded annually, on time deposits. The Second City Bank pays 6.5 percent interest, compounded quarterly.a. Based on effective interest rates, in which bank would you prefer to ...
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