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You are getting a six-month loan for new kitchen appliances, where the principal is $10,000 and...

You are getting a six-month loan for new kitchen appliances, where the principal is $10,000 and monthly interest is 1%. The first payment will be made in a month from today. Find the equal monthly payment and complete the following amortization table. [15 pts] Period Beginning, Balance Total Amount, Interest Payment, Principal Payment , Ending Balance 1, 2, 3, 4, 5, 6

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Answer #1

Solution:

Principal amount =$10,000

Interest rate =1%

Time = 6 months

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