Question: amortization schedule Prepare an amortization schedule for a five-year loan of $64,000. The interest rate is 9 percent per year, and the loan calls for
Prepare an amortization schedule for a five-year loan of $64,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank.be certain to enter "0" wherever required.) Total Beginning Balance Payment Interest Payment Principal Payment Ending Balance Year 1 2 3 4 5 How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, 6.9. 32.16.) Interont poid How much total interest is paid over the life of the loan? (Do not round Intermediate calculations and round your answer to 2 decimal places, ... 32.16.) Total interest paid
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
