Crab State Bank has offered you a $1,500,000 5-year loan at an interest rate of 9.25 percent, requiring equal annual end-of-year payments that include both principal and interest on the unpaid balance. Develop an amortization schedule for this loan. Round your answers to the nearest dollar. Do not round intermediate calculations. End of Year Payment Interest (9.25%) Principal Reduction Balance Remaining 0 - - - $1,500,000 1 $ $ $ 2 3 4 5

Crab State Bank has offered you a $1,500,000 5-year loan at an interest rate of 9.25 percent, requiring equal annual end-of-year payments that include both principal and interest on the unpaid balance. Develop an amortization schedule for this loan. Round your answers to the nearest dollar. Do not round intermediate calculations. End of Year Payment Interest (9.25%) Principal Reduction Balance Remaining 0 - - - $1,500,000 1 $ $ $ 2 3 4 5

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 41P

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