Prepare an amortization schedule for a five-year loan of $71,500. The interest rate is 7 percent per year, and the loan calls for equal annual payments. If you could show how to solve using a financial calculator that would be greatly apprectiated, thank you. YEAR BEGINNING BALANCE TOTAL PAYMENT INTEREST PAYMENT PRINCIPAL PAYMENT ENDING BALANCE 1 2 3 4 5
Prepare an amortization schedule for a five-year loan of $71,500. The interest rate is 7 percent per year, and the loan calls for equal annual payments. If you could show how to solve using a financial calculator that would be greatly apprectiated, thank you. YEAR BEGINNING BALANCE TOTAL PAYMENT INTEREST PAYMENT PRINCIPAL PAYMENT ENDING BALANCE 1 2 3 4 5
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
Problem 1PS
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Prepare an amortization schedule for a five-year loan of $71,500. The interest rate is 7 percent per year, and the loan calls for equal annual payments.
If you could show how to solve using a financial calculator that would be greatly apprectiated, thank you.
| YEAR |
BEGINNING BALANCE |
TOTAL PAYMENT |
INTEREST PAYMENT |
PRINCIPAL PAYMENT |
ENDING BALANCE |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
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