Suppose you borrowed Php 30,000 on a student loan at a rate of 8% and must repay it in three (3) equal installments at the end of each of the next three (3) years. a )How much would you pay every year? b) How much of the first payment would represent interest? c) How much would be the principal? d) What would your ending balance be after the first year? e) Complete the loan amortization table.

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Q: Suppose you borrowed Php 30,000 on a student loan at a rate of 8% and must repay it in three (3)…

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A:

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.