Suppose you borrow $15000. The loan's annual interest rate is 8%, and it requires four equal end-of year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances.

Here are the numbers given in my solution manual and my proffessor wants us to show work how the numbers were found.

Original amount of mortgage: $15,000

Term to maturity: 4

Interest rate: 8 %

Annual payment (use PMT function): ($4,528.81)

Year------Balance ----------Payment---------- Interest-------- Principal------- Balance

1)____$15,000.00____ $ 4,528.81____ $1,200.00 _____$3,328.81____ $ 11,671.19

2) ___$11,671.19____ $ 4,528.81___ $ 933.70______ $3,595.12_____ $ 8,076.07

3) ___$ 8,076.07 ______$ 4,528.81___ $ 646.09_____ $3,882.73______ $ 4,193.34

4) __$ 4,193.34_______ $ 4,528.81____ $ 335.47_____ $4,193.34_____ $ 0.00