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Establish loan amortization schedules

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Establish loan amortization schedules for the following 2 loans to the nearest cent:

  1. A 36-month loan of $8,000 with equal installment payments at the end of each month.
  2. The interest rate is 1 percent per month.
  3. A 25-year mortgage loan of $184,000 at a 10 percent compound annual interest rate
  4. with equal installment payments at the end of each year.
  5. You have borrowed $14,300 at a compound annual interest rate of 15 percent. You feel that you will be able to make annual payments of $3,000 per year on your loan. (Payments include both principal and interest.) How long will it be before the loan is entirely paid off (to the nearest year)?

Reference no: EM132379961

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