Question: The question and slide 35 is attached. Consider a 5 year loan with annual payments. The interest rate is 6% and the principal amount is

The question and slide 35 is attached.

Consider a 5 year loan with annual payments. The interest rate is 6% and the principal amount is $30,000. Find the annual payment. Construct the Amortization Table (see Slide #35). Make your own annuity problem and answer it (with solutions). Year Beg. Balance Total Payment Interest Paid Principal Paid End. Balance 1 5,000.00 1509.60 400.00 1109.60 3890.40 2 3890.40 1509.60 311.23 1198.37 2692.03 3 2692.03 1509.60 215.36 1294.24 1397.79 4 1397.79 1509.60 111.81 1397.79 00 Totals 6038.40 1038.41 4999.99

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