Question: A B C D E 1 Loan Amortization Schedule 2 3 Required: 4 a) Construct an full amortization schedule for the scenerio below. Details to

A B C D E 1 Loan Amortization Schedule 2 3

A B C D E 1 Loan Amortization Schedule 2 3 Required: 4 a) Construct an full amortization schedule for the scenerio below. Details to include pmt #, 5 payment amount, interest portion and principal portion. 6 7 b) Determine how much interest was paid over the term of the loan. 8 9 Details: 10 Kirkland Corporation obtained a $125,000 loan for a new business venture. The loan contract requires 11 payments at the end of each quarter including interest at 3% compounded semi-annually. The 12 loan is to be repaid by equal quarterly payments over a six year term. 13 14 compounding 15 INY NOM 16 PNY C/Y 17 CNY EFF 18 N 19 PV payment 20 FV NOM 21 PMT CNY EFF 22 23 24 Pmt # Payment Interest Portion Principal Portion Principal Balance 25

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