Question: Amortization Schedule Consider a $ 3 5 , 0 0 0 loan to be repaid in equal installments at the end of each of the

Amortization Schedule
Consider a $35,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 11%.
How large must each annual payment be if the loan is for $70,000? Assume that the interest rate remains at 11% and that the loan is still paid off over 5 years. Round your answer to the nearest cent.
How large must each payment be if the loan is for $70,000, the interest rate is 11%, and the loan is paid off in equal installments at the end of each of the next 10 years? This loan is for the same amount as the loan in part b, but the payments are spread out over twice as many periods. Round your answer to the nearest cent.
Why are these payments not half as large as the payments on the loan in part b?
Amortization Schedule Consider a $35,000 loan to be repaid in equal

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