Question

Construct an amortization schedule for a $1,000, 8% annual rate loan with 3 equal payments. The...

Construct an amortization schedule for a $1,000, 8% annual rate loan with 3 equal payments. The first payment will be made at the end of the1st year. Find the required annual payments

$355.8

$367.2

$388.0

$390.7

Based on the information from above, what’s the ending balance of the amortized loan at the end of the second year

$0

$359.4

$388.3

$682.8

Based on the information from above, calculate the total amount of interests you should pay for the amortized loan in three years

$28.8

$55.4

$80.0

$164.2
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Answer #1

The Answer for first part of question is Option C

The answer for second part of question is Option-A

The answer for last part of question is option-d

I have attached the explanation of answer through picture

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