How much total interest is paid over the life of the loan

Assignment Help Financial Management

Reference no: EM131611386

Prepare an amortization schedule for a three-year loan of $114,000. The interest rate is 11 percent per year, and the loan agreement calls for a principal reduction of $38,000 every year. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Year 1 2 3

Beginning Balance _ _ _

Interest Payment _ _ _

Total Interest _

Payment Principal _ _ _

Payment Ending Balance _ _ _

Reference no: EM131611386

Questions Cloud

Electronic health data becomes more common : What are some of the privacy concerns you might expect as sharing of electronic health data becomes more common?

What you learn about process of searching for funding source : There are three parts to this assignment. Write a brief summary of what you learned about the process of searching for funding sources.

Evaluate the proposed acquisition of a new machine : You have been asked by the president of your company to evaluate the proposed acquisition of a new machine.

Discuss the major types of mergers : Discuss the major types of mergers and explain why they oc-curred. Will mergers continue to occur in the rail industry? Why or why not?

How much total interest is paid over the life of the loan : Prepare an amortization schedule for a three-year loan of $114,000. How much total interest is paid over the life of the loan?

Describe the job both internally and externally : Create a job description for a retail sales associate, which includes the most significant components necessary to describe the job both internally and external

Testing and for birth control information : A 14 year-old female comes to the clinic where you work asking for a pregnancy test, STD testing and for birth control information.

Calculate the current ratio of the company : A company has $120,000 in current assets, $600,000 in total assets, Calculate the current ratio of the company

Improve the effectiveness of the incentives : "The U.S. construction industry has an enormous opportunity to improve the effectiveness of the incentives offered to employees for increasing return

User Account

All Pages