Use the computerized model in the File C09 to solve this problem. a. Set up an amortization
Question:
Use the computerized model in the File C09 to solve this problem.
a. Set up an amortization schedule for a $30,000 loan to be repaid in equal installments at the end of each of the next 20 years at an interest rate of 10 percent. What is the annual payment?
b. Set up an amortization schedule for a $60,000 loan to be repaid in 20 equal annual installments at an interest rate of 10 percent. What is the annual payment?
c. Set up an amortization schedule for a $60,000 loan to be repaid in 20 equal annual installments at an interest rate of 20 percent. What is the annual payment?
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a INPUT DATA KEY OUTPUT Loan amount 30000 Payment 352379 Interest rate 1000 Number of years 20 MODELGENERATED DATA Amortization schedule b INPUT DATA ...View the full answer
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