You want to borrow $100,000 for five years when the interest rate is 5%. You will make yearly payments of $23,097.48 for five years. Fill in the blanks in the amortization table below. Assume that the loan was created on January 1, 2018 and totally repaid by December 31, 2022, after five equal, annual payments. year1. 100,000 23,097.48 year2. 23,097.48 year3 23,097.48 year4 23,097.48 year5 23,097.48
You want to borrow $100,000 for five years when the interest rate is 5%. You will make yearly payments of $23,097.48 for five years. Fill in the blanks in the amortization table below. Assume that the loan was created on January 1, 2018 and totally repaid by December 31, 2022, after five equal, annual payments. year1. 100,000 23,097.48 year2. 23,097.48 year3 23,097.48 year4 23,097.48 year5 23,097.48
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You want to borrow $100,000 for five years when the interest rate is 5%. You will make yearly payments of $23,097.48 for five years. Fill in the blanks in the amortization table below. Assume that the loan was created on January 1, 2018 and totally repaid by December 31, 2022, after five equal, annual payments.
year1. 100,000 23,097.48
year2. 23,097.48
year3 23,097.48
year4 23,097.48
year5 23,097.48
Transcribed Image Text:Beginning Cash
Interest
To
Ending
balance
payment expense principle Balance
Date
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