Problem 5 55 Amortization with Equal Payments LO 3 Prepare an amortization schedule for a three year loan of $99,000 The interest rate is 10 percent per year, and the loan calls for equal annual payments How much total interest is paid over the life of the loan (Leave no cells blank Enter '0' where necessary Do not round intermediate calculations and round your answers to 2 decimal places, e g , 32 16 ) Problem 5 19 EAR versus APR LO 4 Ricky Ripovs Pawn Shop charges an interest rate of 13 percent per month on loans to its customers Like all lenders, Ricky must report an APR to consumers a What rate should the shop report (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e g , 32 16 ) b What is the effective annual rate (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e g , 32 16 )

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Question: Problem 5-55 Amortization with Equal Payments [LO 3] Prepare an amortization schedule for a three-year loan of $99,000. The interest rate is 10 percent per

Problem 5-55 Amortization with Equal Payments [LO 3]

Prepare an amortization schedule for a three-year loan of $99,000. The interest rate is 10 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Problem 5-19 EAR versus APR [LO 4]

Ricky Ripovs Pawn Shop charges an interest rate of 13 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers.

a.	What rate should the shop report? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.	What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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