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 11% compounded annually. Round all answers to the nearest cent.
Beginning | Repayment | Ending | |||
Year | Balance | Payment | Interest | of Principal | Balance |
1 | $ | $ | $ | $ | $ |
2 | $ | $ | $ | $ | $ |
3 | $ | $ | $ | $ | $ |
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