What is the total dollar amount of interest payment paid

Reference no: EM133430475

Question: finance the purchase of a property, Sheryl took out a $60,000 six-year loan at 4% APR. After some negotiation with the bank, she agreed that she will repay an equal amount of total payment each year.

a. What is the total dollar amount of interest payment paid over the lifetime of the loan? (Prepare an amortization table)

b. After some renegotiation with the bank, the loan will now be extended to eight years, however instead of paying equal total payments every year, Sheryl will now need to pay a fixed amount of principle payment every year. How much total payment does she need to pay over the lifetime of the loan? (Prepare an amortization table)

Reference no: EM133430475

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