Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Year Beginning Balance Total Payment Interest Payment Principal Payment 1 30,519.73 $ 33,876.90✔✔ 37.603.36X wN. $ 102,000.00 $ 71,480.27 ✔ 37,603.36✔ 113,220.00 x $ 79,343.10 X 41,739.73✔ Total interest 11,220.00 $ 7,862.83✔✔ 4,136.37✔ $ 23,219.20 Ending Balance 71,480.27✔ 37,603.36 0.00
Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Year Beginning Balance Total Payment Interest Payment Principal Payment 1 30,519.73 $ 33,876.90✔✔ 37.603.36X wN. $ 102,000.00 $ 71,480.27 ✔ 37,603.36✔ 113,220.00 x $ 79,343.10 X 41,739.73✔ Total interest 11,220.00 $ 7,862.83✔✔ 4,136.37✔ $ 23,219.20 Ending Balance 71,480.27✔ 37,603.36 0.00
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 17P
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