Prepare an amortization schedule for a five-year loan

Reference no: EM133377560

Question: Prepare an amortization schedule for a five-year loan of $58,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.)

a. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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

Reference no: EM133377560

Questions Cloud

Explain why the language or goals exhibit these traits : Explain why the language or goals exhibit these traits and rewrite each part you identified to decolonize the language or goals.

What market functions am using in this process : stock and use the proceeds as a down payment on a car which also finance with a loan. What market functions am using in this process

Analyze and re-write the vision statement to make it better : Providing innovative pharmacy education and scholarship that advances healthcare practices. Analyze and re-write the vision statement to make it better.

How do you think the use of humour in fear advertising : How do you think the use of humour in fear advertising may differ in interpretation and/or effectiveness for those who are younger vs older?

Prepare an amortization schedule for a five-year loan : Prepare an amortization schedule for a five-year loan of $58,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments

How does self-perception theory apply to personal experience : How does self-perception theory apply to your personal experience (a time when you inferred your attitudes from your behavior)?

What is the amount if you pay for the washing machine : What is the amount if you pay for the washing machine today? Round the answer to two decimal places

What is the buildings expected potential gross income : If tenant B will pay $40.00/sf to rent 12,000 square feet of space in year 6, what is the building's expected potential gross income for that year

What is the strategic importance of establishing business : what is the strategic importance of establishing business objectives? How do you expect this step to inform later steps in the strategic planning process?

User Account

All Pages