Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is11 percent per year, and the loan calls for equal annual payments. How much totalinterest is paid over the life of the loan? (Leave no cells blank. Enter '0' wherenecessary. Do not round intermediate calculations and round your answers to 2decimal places, e.g., 32.16.)X Answer is complete but not entirely correct.YearBeginningBalanceTotalPaymentInterestPaymentPrincipalPayment1$ 113,220.00 x $30,519.73 $279,343.10 X33,876.90341,739.7337.603.36XTotal interest$102,000.0071,480.2737,603.3611,220.007,862.834,136.37$ 23,219.20EndingBalance71,480.2737,603.360.00

Interest payment is the price paid on the amount of loan. Principal payment is the amount of loan…

Answered: Prepare an amortization schedule for a…

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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Prepare an amortization schedule for a five-year loan of $70,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Year 1 2 3 4 5 $ Beginning Balance 70,000.00 $ 58,421.11 X 45,800.12 X 32,043.24 x 16,094.24 x > Answer is complete but not entirely correct. Total Interest Payment Payment 17,996.47 $ 17,996.47✔ 17,996.47 ✔ 17,996.47 ✔ 17,996.47✔ Answer is complete and correct. 6,300.00 $ 5,257.90 X 4,122.01 X Total interest paid $ 19,982.35 2,884.90 X 1,444.43 x Principal Payment Ending Balance How much total interest is paid over the life of the loan? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. 11,696.47 $ $ 58,303.53 12,738.57✔ 57,261.43 X 13,874.46 X 56,125.54 X 15,111.57 X 54,888.43 X 16,552.04 X 53,447.96 X
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. 5-year computer loan for $3380 at 6.4%; remaining balance after 2 years. The monthly payment is $ (Round to the nearest cent as needed.)
A loan is repaid with payments of $2560 made at the end of each month for 13 years. If interest on the loan is 14.5%, compounded semi-annually, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas. Answer: NEXT PAGE
A loan is to be repaid over 30 years, with month-end repayments of 5,000. If the interest rate is 3.7% p.a. compounded monthly. Calculate the interest paid for year 10. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
Find the amount borrowed for the loan described. (Round your answer to the nearest cent.) R = $878.80, the interest rate is 5.8%, and the payments are made semiannually for 6 years.
Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total amount paid, % is paid toward the principal, and % is paid for interest. (Round to one decimal place as needed.)
Consider a student loan of $12,500 at a fixed APR of 12% for 20 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is S (Do not round until the final answer. Then round to the nearest cent as needed.) b The total payment over the term of the loan is $ (Round to the nearest cent as needed) c. Of the total payment over the term of the loan, % is paid toward the principal and (Round to the nearest tenth as needed ) % is paid toward 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 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 $
Take a look at the chart pls..
Carry out the amortization table of an automobile loan that is canceled with 36 monthly payments of $ 5,750, at an interest rate of 25.20% per annum, compounded by months, to. Make the amortization table for this case that contains: payment, interest, payment to capital and unpaid balance. b. What is the unpaid balance after making payment number 15? c. What is the unpaid balance after making payment number 30?
Prepare an amortization schedule for a five-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Principal Payment Ending Balance Total Beginning Balance Interest Year Payment Payment 1 3. 4 How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Total interest paid < Prev 10 of 10 Next
Suppose you borrow $14,000. The interest rate is 11%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0". Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ fill in the blank 60 $ fill in the blank 61 $ fill in the blank 62 $ fill in the blank 63 $ fill in the blank 64 2 $ fill in the blank 65 $ fill in the blank 66 $ fill in the blank 67 $ fill in the blank 68 $ fill in the blank 69 3 $ fill in the blank 70 $ fill in the blank 71 $ fill in the blank 72 $ fill in the blank 73 $ fill in the blank 74 4 $ fill in the blank 75 $ fill in the blank 76 $ fill in the blank 77 $ fill in the blank 78 $ fill in the blank 79

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