Question
When Sumeet graduates, she owes $15,733 in student loans. Now that she has graduated, she makes an agreement with the bank to pay back the
When Sumeet graduates, she owes $15,733 in student loans. Now that she has graduated, she makes an agreement with the bank to pay back the loan making monthly payments of $200 at an interest rate of 3.4% compounded annually.
Show the values for the 1st row of the amortization schedule by showing the values for a-e and the last row of the amortization schedule by showing the values for f-j.
| Payment Number | Amount Paid | Interest Paid | Principal Repaid | Outstanding Principal Balance |
|
|
|
|
| $15,733 |
| ( a ) | ( b ) | ( c ) | ( d ) | ( e ) |
| ( f ) | ( g ) | ( h ) | ( i ) | ( j ) |
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Financial Accounting
Authors: Dr. Larry M. Walther
1st Edition
1456352970, 9781456352974
