Question: Construct an amortization schedule for a $5,000 loan to a customer at 7.25% p.a. interest rate. The customer is to repay the loan in four

Construct an amortization schedule for a $5,000 loan to a customer

Construct an amortization schedule for a $5,000 loan to a customer at 7.25% p.a. interest rate. The customer is to repay the loan in four equal annual installments at the end of each year. What is the annual installment payment the customer will have to make? (Hint: amortization schedule includes columns for: Year, Beginning Balance. Payment, Interest, Repayment of Principal, and Ending Balance)

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