Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $10,000...
Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.)
$10,000 for 1 year at 12% compounded quarterly
| Period | Payment | Interest | Balance Reduction | Unpaid Balance |
|---|---|---|---|---|
| $10,000 | ||||
| 1 | $ | |||
| 2 | $ | |||
| 3 | $ | |||
| 4 | $0.00 |
Homework Answers
ANSWER:
| Period | payment | interest | balance reduction | unpaid balance |
|---|---|---|---|---|
| $10000 | ||||
| 1 | $2690.27 | $300 | $2390.27 | $7609.73 |
| 2 | $2690.27 | $228.29 | $2461.98 | $5147.75 |
| 3 | $2690.27 | $154.43 | $2535.84 | $2611.91 |
| 4 | $2690.27 | $78.36 | $2611.91 | $0 |
Installment amount = $10000/3.03735 = $2690.27
where,
PVAF(3%,4) = 3.71710
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