Question

Create an amortization table for a loan of $12000 at 5% compounded annually when the annual payment is $3384.14 each year over 4 years.

Answer 1

Principal Amount : $12000

Interest Rate: 5%

n : 4 years = 12*4 =48

Payment Summary

Number of Payments	Monthly Payment	Total Principal Paid	Total Interest Paid	Total Paid
48	$276.35	$12,000.00	$1,264.87	$13,264.87

Yearly Amortization Schedule

Payments	Yearly Total	Principal Paid	Interest Paid	Balance
Year 1 (1-12)	$3,316.22	$2,779.34	$536.88	$9,220.66
Year 2 (13-24)	$3,316.22	$2,921.53	$394.68	$6,299.13
Year 3 (25-36)	$3,316.22	$3,071.01	$245.21	$3,228.12
Year 4 (37-48)	$3,316.22	$3,228.12	$88.09	$0.00
	$13,264.87	$12,000.00	$1,264.87