Prepare an amortization schedule for a three-year loan of $87,000. The interest rate is 10 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter 'O' where necessary. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Year 1 2 3 Beginning Balance Total Payment Total interest Interest Payment Principal Payment Ending Balance 87,000.00
Prepare an amortization schedule for a three-year loan of $87,000. The interest rate is 10 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter 'O' where necessary. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Year 1 2 3 Beginning Balance Total Payment Total interest Interest Payment Principal Payment Ending Balance 87,000.00
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 three-year loan of $87,000. The interest rate is 10 percent
per year, and the loan calls for equal annual payments. How much total interest is paid over the life
of the loan?
Note: Leave no cells blank. Enter 'O' where necessary. Do not round Intermediate calculations
and round your answers to 2 decimal places, e.g., 32.16.
Year
1
23
Beginning
Balance
Total
Payment
Total interest
Interest
Payment
Principal
Payment
Ending
Balance
87,000.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93cfc8d6-6c24-4c3d-bfa1-d7efb16224e9%2Fbd83573f-a415-4d50-8c56-775fb572daf2%2Fiaajlej_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare an amortization schedule for a three-year loan of $87,000. The interest rate is 10 percent
per year, and the loan calls for equal annual payments. How much total interest is paid over the life
of the loan?
Note: Leave no cells blank. Enter 'O' where necessary. Do not round Intermediate calculations
and round your answers to 2 decimal places, e.g., 32.16.
Year
1
23
Beginning
Balance
Total
Payment
Total interest
Interest
Payment
Principal
Payment
Ending
Balance
87,000.00
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