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Consider a 4-year amortizing loan. You borrow $2,600 initially and repay it in four equal annual year-end payments. a. If the Interest rate is 9%,
Consider a 4-year amortizing loan. You borrow $2,600 initially and repay it in four equal annual year-end payments. a. If the Interest rate is 9%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment b. Prepare an amortization schedule (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "o" wherever required.) Time Loan Balance (5) Year-End Interest Due on Loan Balance (5) Total Year-End Payment (5) Amortization of Loan (5) 0 2.600.00 1 2 3 4
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