Question: the instructions said it should be excel format 1. Using the amortization method a person borrows $5000 at an effective rate of 8% per annum

the instructions said it should be excel format 1. Using the

the instructions said it should be excel format

1. Using the amortization method a person borrows $5000 at an effective rate of 8% per annum and agrees to repay the loan with payments at the end of each year. The first payment is $600 and each subsequent payment is 4% above the previous one, with a smaller payment at the end of the term. (a) What is the outstanding loan balance at the end of 5 years? (b) What is the principal and interest paid in the 5thpayment

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