An $90,000 loan is amortized by payments of $1850 at the end of every six months at a rate of 2% compounded monthly. 1. Construct a partial amortization schedule showing the last 2 payments. 2. Determine the total amount paid to settle the loan. 3. Determine the total principal repaid. 4. Determine the total amount of interest paid.

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.