Consider a $30,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 12%. Set up an amortization schedule for the loan. Do not round intermediate calculations. Round your answers to the nearest cent. If your answer is zero, enter "0". Year Payment Repayment Interest Repayment of Principal Balance 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ 5 $ $ $ $
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Consider a $30,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 12%.
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Set up an amortization schedule for the loan. Do not round intermediate calculations. Round your answers to the nearest cent. If your answer is zero, enter "0".
Year Payment Repayment Interest Repayment of Principal Balance 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ 5 $ $ $ $ Total $ $ $
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