8. Mr. Smith wants to open a poultry farm and needs $150,000. He wants to apply for a loan of this amount ($150,000 loan). He is approved for this loan. Loan is for 5 years; he can pay in monthly installments. Loan rate (annual interest rate on loan) is 10 %. On this fixed interest commercial loan, first 6 months' payment schedule is shown below. Can you fill in the spaces indicated as XXXXXXX of the following table? [ 12 points] TABLE: Mr. Smith's Loan Schedule Principal Amount of loan= 150000 Annual Interest Rate= 10% Number of Years= 5 Number of Monthly Payments- 60 Monthly Principal Payment= 2500 Payment Number Monthly Principal Payment 2000 2000 Monthly Interest Payment 1250 XXXXXXX 1 2 Monthly Payment 3250 XXXXXXX Loan Balance 147500 145500 XXXXX 141500 X 137500 3 4 2000 2000 848.75 XXXXXXX 2848.75 XXXXXXX 5 6 2000 2000 825.4167 XXXXXXX 2825.417 XXXXXXX 2500 Monthly Principal Payments Payment Number Monthly Interest Payment 1250 Monthly Payment 3250 Monthly Principal Payment 1 2000 2. 2000 3 2000 4 2000 5 2000 6 2000 Loan Balance 147500 145500 143500 141500 139500 137500 848.75 2848.75 825.4167 2825.417 8. Mr. Smith wants to open a poultry farm and needs $150,000. He wants to apply for a loan of this amount ($150,000 loan). He is approved for this loan. Loan is for 5 years; he can pay in monthly installments. Loan rate (annual interest rate on loan) is 10 %. On this fixed interest commercial loan, first 6 months' payment schedule is shown below. Can you fill in the spaces indicated as XXXXXXX of the following table? [ 12 points) TABLE: Mr. Smith's Loan Schedule Principal Amount of loan= 150000 Annual Interest Rate= 1096 Number of Years 5 Number of Monthly Payments 60 8. Mr. Smith wants to open a poultry farm and needs $150,000. He wants to apply for a loan of this amount ($150,000 loan). He is approved for this loan. Loan is for 5 years; he can pay in monthly installments. Loan rate (annual interest rate on loan) is 10 %. On this fixed interest commercial loan, first 6 months' payment schedule is shown below. Can you fill in the spaces indicated as XXXXXXX of the following table? [ 12 points) | TABLE: Mr. Smith's Loan Schedule Principal Amount of loan= 150000 Annual Interest Rates 10% Number of Years= 5 Number of Monthly Payments- 60 21 Page Monthly Principal Payment- 2000 Payment Number Monthly Interest Payment 1250 Monthly Payment 3250 Monthly Principal Payment 1 2000 2 2000 3 2000 4 2000 5 2000 6 2000 Loan Balance 147500 145500 143500 141500 139500 137500 848.75 2848.75 an 825,4167 2825.417 8. Mr. Smith wants to open a poultry farm and needs $150,000. He wants to apply for a loan of this amount ($150,000 loan). He is approved for this loan. Loan is for 5 years; he can pay in monthly installments. Loan rate (annual interest rate on loan) is 10 %. On this fixed interest commercial loan, first 6 months' payment schedule is shown below. Can you fill in the spaces indicated as XXXXXXX of the following table? [ 12 points] TABLE: Mr. Smith's Loan Schedule Principal Amount of loan= 150000 Annual Interest Rate= 10% Number of Years= 5 Number of Monthly Payments- 60 Monthly Principal Payment= 2500 Payment Number Monthly Principal Payment 2000 2000 Monthly Interest Payment 1250 XXXXXXX 1 2 Monthly Payment 3250 XXXXXXX Loan Balance 147500 145500 XXXXX 141500 X 137500 3 4 2000 2000 848.75 XXXXXXX 2848.75 XXXXXXX 5 6 2000 2000 825.4167 XXXXXXX 2825.417 XXXXXXX 2500 Monthly Principal Payments Payment Number Monthly Interest Payment 1250 Monthly Payment 3250 Monthly Principal Payment 1 2000 2. 2000 3 2000 4 2000 5 2000 6 2000 Loan Balance 147500 145500 143500 141500 139500 137500 848.75 2848.75 825.4167 2825.417 8. Mr. Smith wants to open a poultry farm and needs $150,000. He wants to apply for a loan of this amount ($150,000 loan). He is approved for this loan. Loan is for 5 years; he can pay in monthly installments. Loan rate (annual interest rate on loan) is 10 %. On this fixed interest commercial loan, first 6 months' payment schedule is shown below. Can you fill in the spaces indicated as XXXXXXX of the following table? [ 12 points) TABLE: Mr. Smith's Loan Schedule Principal Amount of loan= 150000 Annual Interest Rate= 1096 Number of Years 5 Number of Monthly Payments 60 8. Mr. Smith wants to open a poultry farm and needs $150,000. He wants to apply for a loan of this amount ($150,000 loan). He is approved for this loan. Loan is for 5 years; he can pay in monthly installments. Loan rate (annual interest rate on loan) is 10 %. On this fixed interest commercial loan, first 6 months' payment schedule is shown below. Can you fill in the spaces indicated as XXXXXXX of the following table? [ 12 points) | TABLE: Mr. Smith's Loan Schedule Principal Amount of loan= 150000 Annual Interest Rates 10% Number of Years= 5 Number of Monthly Payments- 60 21 Page Monthly Principal Payment- 2000 Payment Number Monthly Interest Payment 1250 Monthly Payment 3250 Monthly Principal Payment 1 2000 2 2000 3 2000 4 2000 5 2000 6 2000 Loan Balance 147500 145500 143500 141500 139500 137500 848.75 2848.75 an 825,4167 2825.417
