Question

8) Complete an amortization schedule for a $43,000 loan to be repaid in equal installments at...

8)

  1. Complete an amortization schedule for a $43,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent.

    Beginning Repayment Remaining
    Year Balance Payment Interest of Principal Balance
    1 $   $   $   $   $  
    2                         
    3                         
  2. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Do not round intermediate calculations. Round your answers to two decimal places.

    % Interest % Principal
    Year 1:   %   %
    Year 2:   %   %
    Year 3:   %   %

    Why do these percentages change over time?

    1. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines.
    2. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or outstanding balance declines.
    3. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance increases.
    4. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or outstanding balance increases.
    5. These percentages do not change over time; interest and principal are each a constant percentage of the total payment.
    -Select-IIIIIIIVV

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Complete an amortization schedule for a $25,000 loan to be repaid in equal installments at the...
Complete an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2 $   $   $   $   $   3 $   $   $   $   $   b. What percentage of the payment represents interest and what percentage represents principal for...
a. Complete an amortization schedule for a $28,000 loan to be repaid in equal installments at...
a. Complete an amortization schedule for a $28,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 12% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2 $   $   $   $   $   3 $   $   $   $   $   b. What percentage of the payment represents interest and what percentage represents principal...
a. Complete an amortization schedule for a $13,000 loan to be repaid in equal installments at...
a. Complete an amortization schedule for a $13,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 12% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2 $   $   $   $   $   3 $   $   $   $   $   b. What percentage of the payment represents interest and what percentage represents principal...
a. Complete an amortization schedule for a $40,000 loan to be repaid in equal installments at...
a. Complete an amortization schedule for a $40,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2 $   $   $   $   $   3 $   $   $   $   $   b. What percentage of the payment represents interest and what percentage represents principal...
Complete an amortization schedule for a $46,000 loan to be repaid in equal installments at the...
Complete an amortization schedule for a $46,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Remaining Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2                          3                          What percentage...
Complete an amortization schedule for a $44,000 loan to be repaid in equal installments at the...
Complete an amortization schedule for a $44,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Remaining Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2                          3                          What percentage...
Complete an amortization schedule for a $39,000 loan to be repaid in equal installments at the...
Complete an amortization schedule for a $39,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 6% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Remaining Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2                          3                          What percentage...
A) Complete an amortization schedule for a $14,000 loan to be repaid in equal installments at...
A) Complete an amortization schedule for a $14,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 7% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. B) What percentage of the payment represents interest and what percentage represents principal for each of the three years? Do not round intermediate calculations. Round your answers to two...
Complete an amortization schedule for a $19,000 loan to be repaid in equal installments at the...
Complete an amortization schedule for a $19,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 9% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2                          3                          What percentage...
Complete an amortization schedule for a $30,000 loan to be repaid in equal installments at the...
Complete an amortization schedule for a $30,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 9% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $   $   $   $   $   2                          3                          What percentage...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT