You have taken a loan of $68,000.00 for 36 years at a 3.8% annual interest rate, with interest compounded quarterly. Fill in the amortization table below to show how the payments will be applied to interest and principal: (Round all answers to 2 decimal places. Please note the order of the headings in the table - make sure you put

You have taken a loan of $68,000.00 for 36 years at a 3.8% annual interest rate, with interest compounded quarterly. Fill in the amortization table below to show how the payments will be applied to interest and principal: (Round all answers to 2 decimal places. Please note the order of the headings in the table - make sure you put the answers in the appropriate columns as layed out below.)

Payment number	Payment amount	Principal Amount	Interest	Balance
0)				$68,000.00
1)	$	$	$	$
2)		$	$	$
3)		$	$	$

Expert Answer

1.To calculate the quarterly interest rate, divide the annual interest rate by 4 (since there are 4 quarters in a year): Quarterly interest rate = 3.8% / 4 = 0.95% 2. Since the loan term is 36 years a View the full answer