ACTIVITY 3-1 Prepare an amortization schedule for a three year loan of P90,000. The interest rate is 10% per year, and the loan calls for equal annual payments. 15pts. 1. How much interest is paid on the third year? 2. How much total interest is paid over the life of the loan? 3. How much is the total amount paid? Outstanding Balance Year Interest Annual Amortization Principal Paid 1 2 3 Total = P90,000

ACTIVITY 3-1 Prepare an amortization schedule for a three year loan of P90,000. The interest rate is 10% per year, and the loan calls for equal annual payments. 15pts. 1. How much interest is paid on the third year? 2. How much total interest is paid over the life of the loan? 3. How much is the total amount paid? Outstanding Balance Year Interest Annual Amortization Principal Paid 1 2 3 Total = P90,000

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 4FPE

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