Define the firm''s annual loan payment

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Reference no: EM13101948

Jones just closed a $10,000 business loan that is to be reimbursed in three equal, annual end-of-year payments. The interest rate on the loan is 13%. As part of his firm's detailed financial planning Jones wishes to regulate the annual interest deduction attributable to the loan.
a) Define the firm's annual loan payment
b) Make an amortization schedule for the loan
c) How much interest expenditure will Jones firm have in each of the next three years as a result of this loan?

Reference no: EM13101948

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