What are the annual payments for years 1 to 30? What is remaining balance at the end of each year? What are the interest payment and principal payment for years 1 to 30?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 10P
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You borrow a GPM of $120,000 with annual payments and 30-year term.  The interest rate is 10% and the payment factors from year 1 to year 30 are: 10%, 20%, 30%, 40%, 50%, 60%, 70%, 80%, 90%, 100%, …, 100%.  

Questions:

 

  1. What are the annual payments for years 1 to 30?
  2. What is remaining balance at the end of each year?
  3. What are the interest payment and principal payment for years 1 to 30?
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