Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Year 1 Beginning Balance $ 2 3 4 5 Total Payment $ Interest Payment $ Principal Payment $ Ending Balance $ How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Interest paid $ How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Total interest
Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Year 1 Beginning Balance $ 2 3 4 5 Total Payment $ Interest Payment $ Principal Payment $ Ending Balance $ How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Interest paid $ How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Total interest
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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![Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual
payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal
places. Leave no cells blank - be certain to enter "O" wherever required.)
Year
1
Beginning
Balance
$
2
2
3
4
5
Total
Payment
$
Interest
Payment
Principal
Payment
Ending
Balance
$
How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Interest paid
$
How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2
decimal places.)
Total interest
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9187b78-7d75-4824-9d2a-ea17bdf941a4%2Fb8151101-9808-4a65-858e-d02b51f56138%2Fkyy73hm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual
payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal
places. Leave no cells blank - be certain to enter "O" wherever required.)
Year
1
Beginning
Balance
$
2
2
3
4
5
Total
Payment
$
Interest
Payment
Principal
Payment
Ending
Balance
$
How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Interest paid
$
How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2
decimal places.)
Total interest
$
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