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Set up the amortization schedule for a 5-year, $9 million, 7 percent bullet loan. Round your answers to the nearest dollar. Enter your answers in
Set up the amortization schedule for a 5-year, $9 million, 7 percent bullet loan. Round your answers to the nearest dollar. Enter your answers in whole dollars. For example, an answer of $1.20 million should be entered as 1,200,000, not 1.20. If an amount box does not require an entry, enter "0". Year Payment Interest (7%) Principal reduction Remaining Balance 0 1 $ $ 2 $ $ 3 $ $ $ 4 $ $ $ 5 $ $ $ $ What is the effective interest cost of this loan? Round your answer to the nearest whole number. % LO +A $ $ $ $ $ tA $ +A $ LA LA
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