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Prepare an amortization schedule for a five year loan of $58,500. The interest rate is 6% per year and the loan cost for equal annual payments. How much interest is paid in the third year? how much total interest is paid over the life of the loan? Loan amount $ Interest rate Loan term Output area: 58,500 6% 5 Loan payment $13,887.69 Year Beginning balance 1 $ 58,500.00 Total payment Interest paid Principal paid Ending balance $ 13,887.69 $ 3,510.00 $ 10,377.69 $ 48,122.31 2 3 4 5 Total interest paid over life of loan

Prepare an amortization schedule for a five year loan of $58,500. The interest rate is 6% per year and the loan cost for equal annual payments. How much interest is paid in the third year? how much total interest is paid over the life of the loan? Loan amount $ Interest rate Loan term Output area: 58,500 6% 5 Loan payment $13,887.69 Year Beginning balance 1 $ 58,500.00 Total payment Interest paid Principal paid Ending balance $ 13,887.69 $ 3,510.00 $ 10,377.69 $ 48,122.31 2 3 4 5 Total interest paid over life of loan

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 11P
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Prepare an amortization schedule for a five year loan of $58,500. The interest rate is 6% per year and the loan cost for equal annual payments. How much interest is paid in the third year? how much total interest is paid over the life of the loan? Loan amount $ Interest rate Loan term Output area: 58,500 6% 5 Loan payment $13,887.69 Year Beginning balance 1 $ 58,500.00 Total payment Interest paid Principal paid Ending balance $ 13,887.69 $ 3,510.00 $ 10,377.69 $ 48,122.31 2 3 4 5 Total interest paid over life of loan
Transcribed Image Text:Prepare an amortization schedule for a five year loan of $58,500. The interest rate is 6% per year and the loan cost for equal annual payments. How much interest is paid in the third year? how much total interest is paid over the life of the loan? Loan amount $ Interest rate Loan term Output area: 58,500 6% 5 Loan payment $13,887.69 Year Beginning balance 1 $ 58,500.00 Total payment Interest paid Principal paid Ending balance $ 13,887.69 $ 3,510.00 $ 10,377.69 $ 48,122.31 2 3 4 5 Total interest paid over life of loan
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