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a. Complete an amortization schedule for a $32,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 12% compounded annually. Round all answers to
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a. Complete an amortization schedule for a $32,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 12% compounded annually. Round all answers to the nearest cent.

User Ilia Yatchev
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5 votes

Answer:

Amortization schedule is attached.

Step-by-step explanation:

Key matrix

Present value annuity factor

Rate = 12%

Terms = 3 years

Annuity factor = 2.408 (this can be derived from present value table - annuity factor)

Annual payment = 32,000/2.408

Annual payment = $13,323.17

a. Complete an amortization schedule for a $32,000 loan to be repaid in equal installments-example-1
User Iker Aguayo
by
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