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Assume that you will have a 10-year, $20,000 loan to repay when you graduate from college next month. The loan, plus 9 percent annual interest

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Assume that you will have a 10-year, $20,000 loan to repay when you graduate from college next month. The loan, plus 9 percent annual interest on the unpaid balance, is to be repaid in 10 annual installments of $3,116 each, beginning one year after you graduate. You have accepted a well-payingjob and are considering an early settlement ofthe entire unpaid balance injust three years (immediately after making the third annual payment of $3,116). Prepare an amortization schedule showing how much money you will need to save to pay the entire unpaid balance of your loan three years after your graduation. (Round your answers to the nearest dollar amount. Enter all amounts as positive numbers.) Date of Graduation

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