Suppose you borrowed $15,000 at a rate of 8% and must repay it in 3 equal installments at the end of each year of the next 4 years. Construct a loan amortization table showing how the loan payments would occur. What is the outstanding balance of the loan after 2 years assuming all payments were made on schedule?

Answer rating: 100% (QA)

To construct a loan amortization table for the given loan we can use the formula for calculating the ... View the full answer