Mr smith wants to borrow P100,000 from a bank to rebuild his shop from damages caused by an earthquake. The interest rate is 14% compounded quarterly, and he plans to pay off the debt in three years by making equal quarterly payments. Create an amortization schedule (table) to help him keep track of the payments he have made, the interest he paid, the principal he repaid, and the principal he still owe for each month. Below is an example of a amortization table, make the same table based on the given problem

Mr smith wants to borrow P100,000 from a bank to rebuild his shop from damages caused by an earthquake. The interest rate is 14% compounded quarterly, and he plans to pay off the debt in three years by making equal quarterly payments. Create an amortization schedule (table) to help him keep track of the payments he have made, the interest he paid, the principal he repaid, and the principal he still owe for each month. Below is an example of a amortization table, make the same table based on the given problem

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 35CE

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