Solution-Determine the amortized size of installment

Determine the amortized size of installment

Reference no: EM131556785

Question: A loan of $120,000 is to be repaid over a 10-yr period through equal installments made at the end of each year. If an interest rate of 8.5%/year is charged on the unpaid balance and interest calculations are made at the end of each year, determine the size of each installment such that the loan is amortized at the end of 10 yr. Verify the result by displaying the amortization schedule.

Reference no: EM131556785

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Determine the amortized size of installment

Reference no: EM131556785

Reference no: EM131556785

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