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Create an amortization schedule to track the principal

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Question - Imagine you are the financial manager for a corporation purchasing farm equipment costing $900,000. The following questions pertain to this financial decision. [You have negotiated a $200,000 loan from Farm Credit with 6% APR compounded monthly. You agree to pay back the loan in monthly installments over the two years with the first payment due next month (24 payments in total). What is your monthly payment? Create an amortization schedule to track the principal and interest on the loan over its life. How much total interest is paid? What is the effective annual rate of this APR? What does it mean for the interest on this loan to be compounded monthly?

Reference no: EM133067327

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