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How much payment amount do you need to make

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Question - You plan to borrow $28,000 at a 5.5% annual interest rate compounded annually. The terms require you to amortize the loan with 6 equal payments each made at the end of each year. You would like to construct an amortization schedule showing details of the payments. Answer the following questions, and choose the closest answer from the possible choices following each question:

Which TVM variable does $28,000 represent?

Before an amortization schedule is constructed, which TVM variable should be solved first?

For the second year, how much payment amount do you need to make?

For the first payment, how much of it is interest?

How much total interest is repaid in periods 1 to 2?

To find the interest repaid in period 1 in the financial calculator amortization worksheet, you enter P1 = ?

Reference no: EM132614061

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