Question
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 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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