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i need help figurng out of this is okay. thank you! Consider a 4-year amortizing loan. You borrow $1,400 initially and repay it in four
i need help figurng out of this is okay. thank you!
Consider a 4-year amortizing loan. You borrow $1,400 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 $ 432.14 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 ($) Year-End Interest Due on Loan Balance ($) Total Year-End Payment ($) Amortization of Loan ($) 0 126.00 432.14 306.14 1,400.00 1,093.86 1 98.45 432.14 333.69 2 760.18 68.42 432.15 363.72 3 396.86 35.68 432.14 369.46: 4 0 0Step by Step Solution
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