Question

Create a loan repayment schedule for a loan of $30015 and payments of $8088 made annually....

Create a loan repayment schedule for a loan of $30015 and payments of $8088 made annually. Assume a rate of interest of 5.76% per year compounded annually.

(a) What is the interest portion of the first payment?

(b) What is the principal portion of the first payment?

(c)What is the balance remaining after the first payment?

(d) What is the interest portion of the second payment?

(e)What is the principal portion of the second payment?

(f)What is the balance remaining after the second payment?

(g)What is the interest portion of the first payment?

(h)What is the principal portion of the first payment?

(i)What is the balance remaining after the first payment?

(j)If the next payment is going to be the final payment (ie. you are repaying this debt with two payments), what is the principle portion of the payment?

(k)If the next payment is going to be the final payment (ie. you are repaying this debt with two payments), what is the interest portion of the payment?

(l)If the next payment is going to be the final payment (ie. you are repaying this debt with two payments), what is the final payment?

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