Valley Produce received $50,000 in vendor financing at 7.8% compounded semiannually for the purchase of harvesting nachinery. Equal annual payments of $9,587.89 will repay the debt in seven years, including $17,115.26 in interest. Suppose he loan permits an additional prepayment of principal on any scheduled payment date. Prepare the amortization schedule hat reflects a prepayment of $10,000 with the second scheduled payment. How much interest is saved as a result of the prepayment? (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) nterest saved Payment number 0 1 $ Payment $1 9587.89 Interest portion $ Principal portion $ 11 Principal balance $ 50,000.00

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.