5 4 Step 1: Solve for PMT 5 NPER 201 6 RATE 10% 7 PV -30000 8 PMT $3,523.79) 9 FV 0 10 (1) Int paid in first 3 years (2) Bal rem at end of Year 5 (3) Princ repaid in 5th year $ 8,837.63 $26,802.22 $ 766.88 11 Step 2: Prepare the Amortization Table 3 4 5 6 PMT Beg Bal Bal Rem $29,476.21 Int Princ Repaid $3,523.79 $30,000.00 $ 3,000.00 $ 523.79 $3,523.79 $29,476.21 $2,947.62 $ 576.17 $28,900.04 $3,523.79 $28,900.04 $ 2,890.00 $ 633.78 $28,266.26 $3,523.79 $28,266.26 $ 2,826.63 $ 697.16 $27,569.10 $3,523.79 $27,569.10 $2,756.91 $ 766.88 $26,802.22 $3,523.79 $26,802.22 $ 2,680.22 $ 843.57 $25,958.65 7 $3,523.79 $25,958.65 $2,595.87 $ 927.92 $25,030.73 $25,030.73 $ 2,503.07 $ 1,020.72 $24,010.01 9 $3,523.79 $24,010.01 $ 2,401.00 $ 1,122.79 $22,887.22 $3,523.79 $22,887.22 $ 2,288.72 $ 1.235.07 $21,652.16 $3,523.79 $21,652.16 $ 2,165.22 $ 1,358.57 $20,293.58 $3,523.79 $20,293.58 $ 2,029.36 $ 1,494.43 $18,799.15 $3,523.79 $18,799.15 $1,879.92 $ 1,643.87 $17,155.28 14 $3.523.79 $17,155.28 $ 1,715.53 $ 1,808.26 $15,347.02 15 $3,523.79 $15,347.02 $ 1,534.70 $1,989.09 8 $3,523.79 12 Year 13 1 14 2 15 16 17 18 19 20 21 22 10 23 11 24 25 26 27 28 16 $3,523.79 $13,357.93 $ 1,335.79 $ 2,188.00 29 30 18 31 19 32 33 Total $70,475.77 $40,475.77 $30,000.00 12 13 $13,357.93 $11,169.94 17 $3,523.79 $11,169.94 $ 1,116.99 $ 2,406.80 $ 8,763.14 $3,523.79 $8,763.14 $ 876.31 $2,647.47 $ 6,115.67 $3,523.79 $ 6,115.67 $ 611.57 $2,912.22 $ 3,203.44 20 $3,523.79 $ 3,203.44 $ 320.34 $3,203.44 $