Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please post steps how to solve. Consider a 4-year amortizing loan. You borrow $133,000 initially, and repay it in four equal annual year-end payments. a.
please post steps how to solve.
Consider a 4-year amortizing loan. You borrow $133,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 9.18%, calculate the annual payment. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.) c-1. What is the loan balance at the end of year 1? (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. If the interest rate is 9.18%, calculate the annual payment. (Do not roun intermediate calculations. Round your answer to 2 decimal places.) b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0 wherever required. Do not round intermediate calculations. Round your answer: to 2 decimal places.) c-1. What is the loan balance at the end of year 1? (Do not round intermediate calculations. Round your answer to 2 decimal places.) c-2. Is it the present value of the remaining loan payments Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started