Question
Carlos borrows $ 15,000 with the agreement that money is worth 5% compounded annually. The debt is to be paid, interest included, by equal installments
Carlos borrows $ 15,000 with the agreement that money is worth 5% compounded annually. The debt is to be paid, interest included, by equal installments at the end of each year for 5 years. Find the annual payment and supply the necessary data on the amortization schedule found below.
solve this problem by showing your FORMULA and COMPUTATION done manually, not in excel
| Period | Beginning Amount | Principal | Interest | Payment | Ending Balance |
| 1 | $15,000.00 | ||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
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The Analysis And Use Of Financial Statements
Authors: Gerald I. White, Ashwinpaul C. Sondhi, Haim D. Fried
2nd Edition
0471111864, 978-0471111863
