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Please Answer and use formulas to explain! BE DETAILED. I WILL LEAVE THUMBS UP! AMORTIZATION QUESTIONS 1. You want to buy a car, and a

Please Answer and use formulas to explain! BE DETAILED. I WILL LEAVE THUMBS UP! image text in transcribed
AMORTIZATION QUESTIONS 1. You want to buy a car, and a local bank will lend you 525,000 . The loan will be fully amortized over 5 years and the nominal interest rate will be 15%. What will be the annual loan payment? 2. What will be the remaining principal balance at the end of the fourth year? 3. What will be the interest rate payment for the fifth year

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