You have just completed your four-year degree at LLC University! Your student loans that you have...

 

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You have just completed your four-year degree at LLC University! Your student loans that you have accumulated while studying at LLC total $25,000. Since you have graduated, you must now begin repaying these student loans. The loan's annual interest rate is six percent (6%) and it requires four equal end-of-year payments. 1) Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. (I.e, you may use Table 5-7 on page 217 of our textbook as a guide as you prepare this amortization schedule.) 2) What is the total amount that you will repay over this four-year period (principal + interest)? a. What portion or percentage are the total "Interest Payments" of the initial loan value of $25,000? You have just completed your four-year degree at LLC University! Your student loans that you have accumulated while studying at LLC total $25,000. Since you have graduated, you must now begin repaying these student loans. The loan's annual interest rate is six percent (6%) and it requires four equal end-of-year payments. 1) Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. (I.e, you may use Table 5-7 on page 217 of our textbook as a guide as you prepare this amortization schedule.) 2) What is the total amount that you will repay over this four-year period (principal + interest)? a. What portion or percentage are the total "Interest Payments" of the initial loan value of $25,000?

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