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Jan. 31, 2023•0 likes•4 views

Jan. 31, 2023•0 likes•4 views

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Prepare an amortization schedule for a 5-year loan of $39,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. Beggining Balance Total Payment Interest Payment Principal Payment Ending Balance 1. 39,000 2 3 4 5 Total Interest Paid______ Solution Beggining Balance Total Payment Interest Payment Principal Payment Ending Balance 1 39,000.00 10,026.61 3,510.00 6,516.61 32,483.39 2 32,483.39 10,026.61 2,923.51 7,103.10 25,380.29 3 25,380.29 10,026.61 2,284.23 7,742.38 17,637.90 4 17,637.90 10,026.61 1,587.41 8,439.20 9,198.70 5 9,198.70 10,026.61 827.91 9,198.70 0.00 Total Interest Paid 11,133.05 .

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- 1. Prepare an amortization schedule for a 5-year loan of $39,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. Beggining Balance Total Payment Interest Payment Principal Payment Ending Balance 1. 39,000 2 3 4 5 Total Interest Paid______ Solution Beggining Balance Total Payment Interest Payment Principal Payment Ending Balance 1 39,000.00 10,026.61 3,510.00 6,516.61 32,483.39 2 32,483.39 10,026.61 2,923.51 7,103.10 25,380.29 3 25,380.29 10,026.61 2,284.23 7,742.38 17,637.90 4 17,637.90 10,026.61 1,587.41 8,439.20 9,198.70 5 9,198.70 10,026.61 827.91 9,198.70 0.00 Total Interest Paid 11,133.05