Prepare an amortization schedule for a three-year loan of $102,000. The interest
ID: 2639576 • Letter: P
Question
Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is 11 percent per year, and the loan agreement calls for a principal reduction of $34,000 every year. How much total interest is paid over the life of the loan? (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Leave no cells blank. You must enter '0' for the answer to grade correctly.)
Total interest payment___________
Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is 11 percent per year, and the loan agreement calls for a principal reduction of $34,000 every year. How much total interest is paid over the life of the loan? (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Leave no cells blank. You must enter '0' for the answer to grade correctly.)
Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is 11 percent per year, and the loan agreement calls for a principal reduction of $34,000 every year. How much total interest is paid over the life of the loan? (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Leave no cells blank. You must enter '0' for the answer to grade correctly.) Total interest payment___________Explanation / Answer
YEAR
Beginning
Total
Interest
Principal
Ending
Balance
Payment
Payment
Payment
Balance
1
1,02,000
34,000
$11,220
$22,780
68000.00
2
68,000
34,000
8,714.20
25,285.80
34000.00
3
34,000
34,000
5,932.76
28,067.24
0.00
Total interest payment: 14,646.96
I hope my solution solves your query.
Regards.
YEAR
Beginning
Total
Interest
Principal
Ending
Balance
Payment
Payment
Payment
Balance
1
1,02,000
34,000
$11,220
$22,780
68000.00
2
68,000
34,000
8,714.20
25,285.80
34000.00
3
34,000
34,000
5,932.76
28,067.24
0.00