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Make the amortization schedule for the loan

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Reference no: EM132531521

A young man wishes to accumulate $350,000 at the end of five years so that he may make a down payment on a piece of land which cost $2,250,000.00.

Question a) What should his equal end of year deposit be to accumulate $350,000 at 10% rate of interest?

Question b) If the young man receive the remaining portion of the Cost of the land from a financial institution at a rate of interest of 20% to be repaid over 5 years.

(i) Calculate the annual payment each year?

(ii) Prepare the amortization schedule for the loan.

Reference no: EM132531521

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