Suppose you borrow $10,000. You are going to repay the loan by making equal annual payments for five years. The interest rate on the loan is 15 percent per year. Prepare an amortization schedule for the loan. How much interest will you pay over the life of the loan?

 

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Year 1 2 3 4 5 Beginning Total balance $10,000 Interest Principal payment payment payment 2,983.16 Ending balance 0.00 Year 1 2 3 4 5 Beginning Total balance $10,000 Interest Principal payment payment payment 2,983.16 Ending balance 0.00

Answer rating: 100% (QA)

Given PV 10000 Rate 15 No of period 5 years By using Excel we can calculate the Amortization schedul... View the full answer