Now it's time for you to practice what you've learned..Suppose Teresa receives a $37,000.00 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8%compounded annually.Complete the following amortization schedule by calculating the payment, interest, repayment of principal, and ending balance for each year.YearBeginning Amount1$37,000.0023PaymentInterestRepayment of PrincipalEnding Balance$0.00Complete the following table by determining the percentage of each payment that represents interest and the percentage that represents principalfor each of the three years.Payment ComponentYear 1InterestRepayment of PrincipalPercentage of PaymentYear 2Year 3

Loan amount = $37,000.00Interest rate = 8%Number of years = 3 years

ow it's time for you to practice what you've learned. uppose Teresa receives a $37,000.00 loan to be repaid in equal installments at the end of each of the next 3 years. The interest r ompounded annually. Complete the following amortization schedule by calculating the payment, interest, repayment of principal, and ending balance for each year Repayment of Principal Ending Balance Year Beginning Amount 1 2 3 $37,000.00 Payment Interest $0.00

ow it's time for you to practice what you've learned. uppose Teresa receives a $37,000.00 loan to be repaid in equal installments at the end of each of the next 3 years. The interest r ompounded annually. Complete the following amortization schedule by calculating the payment, interest, repayment of principal, and ending balance for each year Repayment of Principal Ending Balance Year Beginning Amount 1 2 3 $37,000.00 Payment Interest $0.00

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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