Prepare an amortization schedule for a five-year loan of $67,000. Assume the loan agreement calls for a principal reduction of $13, 400 every year. The interest rate is 9 percent per year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank be certain to enter "0" wherever required.) How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Prepare an amortization schedule for a five-year loan of $67,000. Assume the loan agreement calls for a principal reduction of $13, 400 every year. The interest rate is 9 percent per year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank be certain to enter "0" wherever required.) How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 41P

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