Question
Set up an amortization schedule for a $33,000 loan to be repaid in equal installments at the end of each of the next 3 years.
Set up an amortization schedule for a $33,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8% compounded annually. Round all answers to the nearest cent.
What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Round all answers to two decimal places.
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The Financial Services Marketing Handbook
Authors: Evelyn Ehrlich
2nd Edition
1118065719, 978-1118065716
