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Loan Amortization Schedule Required: a) Construct an full amortization schedule for the scenerio below. Details to include pmt #, payment amount, interest portion and principal
| Loan Amortization Schedule | ||||
| Required: | ||||
| a) Construct an full amortization schedule for the scenerio below. Details to include pmt #, payment amount, interest portion and principal portion. | ||||
| b) Determine how much interest was paid over the term of the loan. | ||||
| Details: | ||||
| Kirkland Corporation obtained a $125,000 loan for a new business venture. The loan contract requires payments at the end of each quarter including interest at 3% compounded semi-annually. The loan is to be repaid by equal quarterly payments over a six year term. | ||||
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
