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Prepare the amortization schedule for the loan

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Reference no: EM132524913

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.

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.

Question (i) Calculate the annual payment each year?

Question (ii) Prepare the amortization schedule for the loan.

Reference no: EM132524913

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