Prepare an amortization schedule for a 3-year loan of $33,000. The interest rate

Question

Prepare an amortization schedule for a 3-year loan of $33,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. (Do not include the dollar signs ($). Round your answers to 2 decimal places, e.g. 32.16))     

Balance

Payment

Payment

Payment

Balance

Year Beginning

Balance

Total

Payment

Interest

Payment

Principal

Payment

Ending

Balance

1 $33,000   $   $   $   $   2                    3                 0.00                                        Total interest paid:                

Explanation / Answer

Payment = 13,504.03 in each case

Please fill the boxes appropriately

Number Interest Payment Principal Payment Balance 1 3,630.00 9,874.03 23,125.97 2 2,543.86 10,960.17 12,165.79 3 1,338.24 12,165.79 0.00 4 0.00 0.00 0.00
Total Interest Paid = 7512.10

Total

Payment = 13,504.03 in each case

Please fill the boxes appropriately

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