Problem 1: You just borrowed a 15-year fixed rate loan of $200,000 to buy a two-bed room apartment. Your annual rate of interest is 4%, and the mortgage will be paid annually at the end of each year.

Set up an amortization schedule

Show your work.

Year	Beg. Of Year Balance	Payment	Interest	Principal Repayment	End of Year Balance
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15