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how would you do this on a financial calculator 56. This amortization table calls for equal principal payments of $11,700 per year. The interest payment
how would you do this on a financial calculator
56. This amortization table calls for equal principal payments of $11,700 per year. The interest payment is the beginning balance times the interest rate for the period, and the total payment is the principal payment plus the interest payment. The ending balance for a period is the beginning balance for the next period. The amortization table for an equal principal reduction is: Beginning Total Interest Principal Ending Year Balance Payment Payment Payment Balance $58,500 $15,210 $3,510 $11,700 $46,800 2 46,800 14,508 2,808 11,700 35,100 3 35,100 13,806 2,106 11,700 23,400 23,400 13,104 1,404 11,700 11,700 5 11,700 12,402 702 11,700 1 4 0Step by Step Solution
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