Loan Amortization Schedule
Required:
a) Construct an full amortization schedule for the scenerio below. Details to include pmt #, payment amount, interest portion and principal portion.
b) Determine how much interest was paid over the term of the loan.
Details:
Kirkland Corporation obtained a $125,000 loan for a new business venture. The loan contract requires payments at the end of each quarter including interest at 3% compounded semi-annually. The loan is to be repaid by equal quarterly payments over a six year term.