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AMORTIZATION QUESTIONS 1 . You want to buy a car, and a local bank will lend you $ 2 5 , 0 0 0 .

AMORTIZATION QUESTIONS

1 .

You want to buy a car, and a local bank will lend you $

25, 000 .

The loan will be fully amortized over

5

years and the nominal interest rate will be

15 % .

What will be the annual loan payment?

2 .

What will be the remaining principal balance at the end of the fourth year?

3 .

What will be the interest rate payment for the fifth year?

Please ensure that this question is answered by a human as I have asked these questions and recieved diffrent solutions. I am not sure which one is correct?

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