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Chapter 4 Assignment An amortization table reports the amount of interest and principal contained within each regularly scheduled payment used to repay an amortized loan Example Amortization Schedule Payment Interest Repayment of Principal Year Beginning Amount Ending Balance 1 2 3 In completing an amortization schedule, the payments are in amount The interest payments are calculated as a constant percentage of the loan's outstanding balance. The amount applied to the repayment of principal is over the life of the loan. Your dream is about to come true! You are about to buy your first classic sports car. To do so, you have arranged to borrow $125,000 from your local commercial bank. The interest rate on the loan is 8.00%. To simplify the calculations, assume that you will repay your loan over the next five years by making annual payments at the end of each year. According to the loan officer at the commercial bank, you must answer the following questions before you can go pick up your new car. How much is the annual payment on your new car loan? How much of your Year 2 payment will constitute interest on your loan? Your dream is about to come true! You are about to buy your first classic sports car. To do so, you have arranged to borrow $125,000 from your local commercial bank. The interest rate on the loan is 8.00%. To simplify the calculations, assume that you will repay your loan over the next five years by making annual payments at the end of each year. According to the loan officer at the commercial bank, you must answer the following questions before you can go pick up your new car. How much is the annual payment on your new car loan? How much of your Year 2 payment will constitute interest on your loan? How much of your Year 3 payment will be used to repay principal on the loan? How much will you pay in total interest to finance the purchase of your $125,000 car? Grade It Now Save & Continue Continue without saving