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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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