Answered: Create the amortization schedule for a…

Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Enter the data for the first three months. (

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Enter the data for the first three months. (Round your answers to 2 decimal places.)

Expert Solution

Step 1

solution

given

Loan amount	15000
Payment	Monthly
Number of years	3 years
Number of period	=3*12 =36
Interest rate	9%
Monthly rate	=9/12 =0.75%

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