Question: Prepare an amortization schedule for a three - year loan of $ 7 2 , 0 0 0 . The interest rate is 9 percent

Prepare an amortization schedule for a three-year loan of $72,000. The interest rate is 9 percent per year, and the loan agreement calls for a principal reduction of $24,000 every year. How much total interest is paid over the life of the loan?
Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to the nearest whole number, e.g.,32.
\table[[Year,\table[[Beginning],[Balance]],\table[[Total],[Payment]],\table[[Interest],[Payment]],\table[[Principal],[Payment]]],[1,,,,],[2,,,,],[3,,,,],[,,Total interest,,]]
 Prepare an amortization schedule for a three-year loan of $72,000. The

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!