Question: An amortization table for an installmnt loan shows for each payment made the amount applied to interest, the amount applied to the balance owed, and
An amortization table for an installmnt loan shows for each payment made the amount applied to interest, the amount applied to the balance owed, and the outstanding balance. Fill in the following amortization table based on the information given:
Suppose that you work for a buisness that I doing well and has decided to expand. The buisness decides to take out a loan. The owner needs to keep track of how much goes towards the interest and how much goes towards the balance owed. The owner got a loan for $10,000 with an APR of 6% that is to be payed in 3 years. The montly payment is $304.22.
| Paymet Number | Payment | Applied to Interest | Applied to Balance Owed | Outstanding Balance | |||||
| 0 | |||||||||
| 1 | |||||||||
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| 6 | |||||||||
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| 10 | |||||||||
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| 12 |
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