Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Enter the data for the first three months. (
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Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Enter the data for the first three months. (Round your answers to 2 decimal places.)
solution
given
|
Loan amount |
15000 |
|
Payment |
Monthly |
|
Number of years |
3 years |
|
Number of period |
=3*12 =36 |
|
Interest rate |
9% |
|
Monthly rate |
=9/12 =0.75% |
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