Question: 16. (Preparing Amortization Schedule). Suppose you borrowed a five-year loan of $54,000. The interest rate is 9 percent per year, and the loan calls for

16. (Preparing Amortization Schedule). Suppose you borrowed a five-year loan of $54,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. a) How much is annual instalment payment? b) Prepare an amortization schedule. Year Beginning Balance A 54,000 Total annual Payment B Interest Payment C = A*9% Principal Payment D = B-C Ending Balance E =A-D 1 N 3 4 0 5

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