\begin{tabular}{l|l|l} Instructions & Amortization Exercise \#1 & Amortiz \end{tabular} Loan Amortization Schedule Required: a) Construct a full amortization schedule for the loan below. Details to include pmt \#, payment amount, interest portion, principal portion and principal balance. Start with payment 0 and the original principal balance. b) Determine how much interest was paid over the term of the loan. Details: Kirkland Corporation obtained a $30,000 loan for new equipment at an interest rate of 8\% compounded monthly. The loan contract requires equal payments at the end of each quarter over a two-year term. To calculate the equivalent rate for the interest portion: \begin{tabular}{|l|l|} \hline I/Y & \\ \hline P/Y & \\ \hline C/Y & \\ \hline N & \\ \hline PV & \\ \hline FV & \\ \hline PMT & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline Pmt \# & Payment & Interest Portion & Principal Portion & Principal Balance \\ \hline \hline \end{tabular} \begin{tabular}{l|l|l} Instructions & Amortization Exercise \#1 & Amortiz \end{tabular} Loan Amortization Schedule Required: a) Construct a full amortization schedule for the loan below. Details to include pmt \#, payment amount, interest portion, principal portion and principal balance. Start with payment 0 and the original principal balance. b) Determine how much interest was paid over the term of the loan. Details: Kirkland Corporation obtained a $30,000 loan for new equipment at an interest rate of 8\% compounded monthly. The loan contract requires equal payments at the end of each quarter over a two-year term. To calculate the equivalent rate for the interest portion: \begin{tabular}{|l|l|} \hline I/Y & \\ \hline P/Y & \\ \hline C/Y & \\ \hline N & \\ \hline PV & \\ \hline FV & \\ \hline PMT & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline Pmt \# & Payment & Interest Portion & Principal Portion & Principal Balance \\ \hline \hline \end{tabular}