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Prepare an amortization schedule for a three-year loan of $63,000. The interest rate is 10 percent per year, and the lo calls for a principal reduction of $21,000 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 ans nearest whole number, e.g., 32. Beginning Year Balance Total Payment Interest Payment Principal Payment Ending Balance 1 23

Prepare an amortization schedule for a three-year loan of $63,000. The interest rate is 10 percent per year, and the lo calls for a principal reduction of $21,000 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 ans nearest whole number, e.g., 32. Beginning Year Balance Total Payment Interest Payment Principal Payment Ending Balance 1 23

Essentials Of Investments
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 three-year loan of $63,000. The interest rate is 10 percent per year, and the loan agreement calls for a principal reduction of $21,000 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. G Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 2 3 Total interest
Transcribed Image Text:Prepare an amortization schedule for a three-year loan of $63,000. The interest rate is 10 percent per year, and the loan agreement calls for a principal reduction of $21,000 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. G Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 2 3 Total interest
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