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

Homework Answers

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

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 Question 37, 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 Question 37 and 38, calculate the total amount of interests you should pay...
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 (Why is D the correct answer?) a)$367.2 b) $355.8 c) $367.2 d) $388.0 e)$390.7
Construct an amortization schedule for a $20,000, 3.45% annual rate loan with 3 equal payments.  Please complete...
Construct an amortization schedule for a $20,000, 3.45% annual rate loan with 3 equal payments.  Please complete the schedule below as you see fit. Year          Beg. Balance        Payment           Interest             Principal           End Balance
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $49,000 at a 3% annual rate of...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $49,000 at a 3% annual rate of interest to be repaid over 3 years. The loan is amortized into three​ equal, annual,​ end-of-year payments. a.  Calculate the​ annual, end-of-year loan payment. b.  Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a.  The amount of the​ equal,...
Loan amortization schedule  Personal Finance Problem Joan Messineo borrowed 41,000 at a 4​% annual rate of...
Loan amortization schedule  Personal Finance Problem Joan Messineo borrowed 41,000 at a 4​% annual rate of interest to be repaid over 3 years. The loan is amortized into three​ equal, annual,​ end-of-year payments. a.  Calculate the​ annual, end-of-year loan payment. b.  Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time.
Construct the amortization schedule for a ​$19,000.00 debt that is to be amortized in 12 equal...
Construct the amortization schedule for a ​$19,000.00 debt that is to be amortized in 12 equal semiannual payments at 5.5​% interest per​ half-year on the unpaid balance. Fill out the amortization schedule below. Round all values to the nearest cent. Payment Number Payment Interest Unpaid Balance Reduction Unpaid Balance 0
Construct an amortization schedule for a six-year, RM20,000 loan at 7% interest compounded annually a) If...
Construct an amortization schedule for a six-year, RM20,000 loan at 7% interest compounded annually a) If the first payment is made one year from now. Ans: P = RM 4,195.92 b) If the first payment is made immediately. Ans: P = RM 3,921.42
?Joan Messineo borrowed $16,000at a15%annual rate of interest to be repaid over 3 years. The loan...
?Joan Messineo borrowed $16,000at a15%annual rate of interest to be repaid over 3 years. The loan is amortized into three? equal, annual,? end-of-year paymen a.??Calculate the? annual, end-of-year loan payment. b.??Prepare a loan amortization schedule showing the interest and principal breadown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. ?Show calculations
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...
Construct an amortization table for a five year loan of $5,000 with an interest rate of...
Construct an amortization table for a five year loan of $5,000 with an interest rate of 3.75%. Assume payments are made once a year, at the end of the year.