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Andy Smith needs to borrow $100,000 to expand his lodging business. The terms are as follows: Loan amount: $100,000 Annual interest rate: 8% Term: 3

Andy Smith needs to borrow $100,000 to expand his lodging business. The terms are as follows:

Loan amount: $100,000

Annual interest rate: 8%

Term: 3 years

Complete the amortization table for this loan.

Year

Payment

Interest

Principal

Balance

0

-

-

-

$100,000.00

1

$38,803.35

2

3

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