Homework Answers
Answer:
Given
Loan Amount P=$40,000
Number of Payment n=6 years
rate of return r=5%
Annuity payment per month A=P*r/(1-(1+r)^-n)
A=40000*5%/(1-(1+5%)^-6)
A=$7880.70
| Year | Amount of principle | Annuity | Interest Amount | Reduction in Principle | Principle new Amount |
| 1 | 40000.00 | 7880.70 | 2000.00 | 5880.70 | 34119.30 |
| 2 | 34119.30 | 7880.70 | 1705.97 | 6174.74 | 27944.57 |
| 3 | 27944.57 | 7880.70 | 1397.23 | 6483.47 | 21461.09 |
| 4 | 21461.09 | 7880.70 | 1073.05 | 6807.65 | 14653.45 |
| 5 | 14653.45 | 7880.70 | 732.67 | 7148.03 | 7505.42 |
| 6 | 7505.42 | 7880.70 | 375.27 | 7505.43 | 0.00 |
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