Prepare an amortization schedule for a three-year loan of $111,000. The interest rate is 10 percent per year, and the loan agreement calls for a principal reduction of $37,000 every year. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Year 1 -23 Beginning Balance $ 111,000 $ 77,465 X Total Payment 11,471 X Total interest Answer is not complete. Interest Principal Payment Payment Ending Balance
Prepare an amortization schedule for a three-year loan of $111,000. The interest rate is 10 percent per year, and the loan agreement calls for a principal reduction of $37,000 every year. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Year 1 -23 Beginning Balance $ 111,000 $ 77,465 X Total Payment 11,471 X Total interest Answer is not complete. Interest Principal Payment Payment Ending Balance
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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Transcribed Image Text:Prepare an amortization schedule for a three-year loan of $111,000. The interest rate is 10 percent per year, and the loan
agreement calls for a principal reduction of $37,000 every year. How much total interest is paid over the life of the loan?
Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to the
nearest whole number, e.g., 32.
Year
1
2
3
$
Beginning
Balance
111,000 $
77,465 X
Total
Payment
11,471 X
Total interest
X Answer is not complete.
Interest
Principal
Payment
Payment
Ending
Balance
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