What are the annual payments for years 1 to 30

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Reference no: EM133496233

Problem:

You borrow a GPM of $120,000 with annual payments and 30-year term. The interest rate is 10% and the payment factors from year 1 to year 30 are: 10%, 20%, 30%, 40%, 50%, 60%, 70%, 80%, 90%, 100%, ..., 100%.

Question 1: What are the annual payments for years 1 to 30?

Question 2. What is remaining balance at the end of each year?

Question 3. What are the interest payment and principal payment for years 1 to 30?

Reference no: EM133496233

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