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Suppose that you have obtained a 15 year house loan. The discount rate on the loan is 6.00% The approximate annual payment is $28,314.76 The
Suppose that you have obtained a 15 year house loan. | ||||||||
The discount rate on the loan is 6.00% | ||||||||
The approximate annual payment is $28,314.76 | ||||||||
The loan is in an amount of $275,000. | ||||||||
Create an Amortization Schedule to determine the | ||||||||
approximate interest expense by the end of year 4.
| ||||||||
a. | Interest Expense = 16,500 | |||||||
b. | Interest Expense = $14,243.19 | |||||||
c. | Interest Expense = $15,791.11 | |||||||
d. | Interest Expense = $13,398.90 |
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