Prepare an amortization schedule for a five-year loan of $67,000. Assume the loan agreement calls for a principal reduction of $13, 400 every year. The interest rate is 9 percent per year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank be certain to enter "0" wherever required.) How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Prepare an amortization schedule for a five-year loan of $67,000. Assume the loan agreement calls for a principal reduction of $13, 400 every year. The interest rate is 9 percent per year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank be certain to enter "0" wherever required.) How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 19P
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Question
Prepare an amortization schedule for a five-year loan of $67,000. Assume the loan agreement calls for a principal reduction of $13, 400 every year. The interest rate is 9 percent per year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank be certain to enter "0" wherever required.) How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
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