Question
a. Complete an amortization schedule for a $37,000 loan to be repaid in equal installments at the end of each of the next three years.
a. Complete an amortization schedule for a $37,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 8% compounded annually. Round all answers to the nearest cent.
| Beginning | Repayment | Ending | |||
| Year | Balance | Payment | Interest | of Principal | Balance |
| 1 | $ fill in the blank | $ fill in the blank | $ fill in the blank | $ fill in the blank | $ fill in the blank |
| 2 | $ fill in the blank | $ fill in the blank | $ fill in the blank | $ fill in the blank | $ fill in the blank |
| 3 | $ fill in the blank | $ fill in the blank | $ fill in the blank | $ fill in the blank | $ fill in the blank |
b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all answers to two decimal places.
| % Interest | % Principal | |
| Year 1: | fill in the blank % | fill in the blank % |
| Year 2: | fill in the blank % | fill in the blank % |
| Year 3: | fill in the blank % | fill in the blank % |
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Emotions In Finance Booms Busts And Uncertainty
Authors: Jocelyn Pixley
2nd Edition
1107633370, 978-1107633377
