Question

4.Amortization with Equal Payments [LO3] Prepare an amortization schedule for a five-year loan of $71,500. The...

4.Amortization with Equal Payments [LO3] Prepare an amortization schedule for a five-year loan of $71,500. The interest rate is 7 percent per year, and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan?

5.Amortization with Equal Principal Payments [LO3] Rework Problem 4 assuming that the loan agreement calls for a principal reduction of $14,300 every year instead of equal annual payments.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare an amortization schedule for a five-year loan of $54,000. Assume the loan agreement calls for...
Prepare an amortization schedule for a five-year loan of $54,000. Assume the loan agreement calls for a principal reduction of $10,800 every year. The interest rate is 9 percent per year. How much total interest is paid over the life of the loan?
Prepare an amortization schedule for a five-year loan of $167,500. The interest rate is 17 percent...
Prepare an amortization schedule for a five-year loan of $167,500. The interest rate is 17 percent per year and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan?
Prepare an amortization schedule for a five-year loan of $86,000. The interest rate is 9% per...
Prepare an amortization schedule for a five-year loan of $86,000. The interest rate is 9% per year and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan? please show work
Prepare an amortization schedule for a five-year loan of $72,000. Assume the loan agreement calls for...
Prepare an amortization schedule for a five-year loan of $72,000. Assume the loan agreement calls for a principal reduction of $14,400 every year. The interest rate is 8 percent per year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.) How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to...
Prepare an amortization schedule for a five-year loan of $36,000. The interest rate is 9% per...
Prepare an amortization schedule for a five-year loan of $36,000. The interest rate is 9% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $ $ $ $ $ 2 3 4 5 How much interest...
Prepare an amortization schedule for a five-year loan of $39,000. The interest rate is 9% per...
Prepare an amortization schedule for a five-year loan of $39,000. The interest rate is 9% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $ $ $ $ $ 2 3 4 5 How much interest...
Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per...
Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amounts as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $ $ $ $ $ 2 3 4 5 How much interest...
Prepare an amortization schedule for a seven year loan of $90,000. The interest rate is 4%...
Prepare an amortization schedule for a seven year loan of $90,000. The interest rate is 4% per year, and the loan calls for equal annual payments (see example in book, do not use the monthly amortization schedule from Canvas). Using the information from the amortization schedule (which you must include with your answers), please answer the following questions. A. How much total interest is paid over the life of the loan? B. How much interest will be paid during the...
Prepare an amortization schedule for a five-year loan of $62,000. The interest rate is 7 percent...
Prepare an amortization schedule for a five-year loan of $62,000. The interest rate is 7 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.)    b. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c....
Prepare an amortization schedule for a three-year loan of $75,000. The interest rate is 8 percent...
Prepare an amortization schedule for a three-year loan of $75,000. The interest rate is 8 percent per year, and the loan agreement calls for a principal reduction of $25,000 every year. How much total interest is paid over the life of the loan? (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Leave no cells blank. You must enter '0' for the answer to grade correctly.) Year Beginning Balance Total Payment Interest Payment Principal Payment...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT