Your client is XYZ company. After discussions it is identified they require a spreadsheet summarising the repayment amounts and current balance for a long-term loan of $500,000 to be repaid over eight years at a rate of 10% per annum. They are interested in business information that will show the amount they need to repay each year.

Show the calculations required for the loan.

Prepare the spreadsheet for the loan. Include a summary section to comment on the table. Round the initial opening balance of the loan up to the nearest dollar and round up to present values in whole dollars.