A loan of $1,000 is to be repaid with annual payments of $50, $100, $1,000 and P at the end of the 1st, 2nd, 3rd, and 4th year. The interest rate is 10% per annum. Construct and amortization schedule for the loan and determine P.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 8E: Cash Flow Amounts R. Lee Rouse borrows 10,000 that is to be repaid in 24 equal monthly installments...
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5.31 A loan of $1,000 is to be repaid with annual payments of $50, $100, $1,000 and P at the end of the 1st, 2nd, 3rd, and 4th year. The interest rate is 10% per annum. Construct and amortization schedule for the loan and determine P.

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