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Golden Dragon Restaurant obtained a $10600 loan at 9% compounded annually to replace some kitchen equipment....

Golden Dragon Restaurant obtained a $10600 loan at 9% compounded annually to replace some kitchen equipment. Prepare a complete amortization schedule if payments of $2060 (except for a smaller final payment) are made semiannually. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)

Payment number

Payment

Interest portion

Principal portion

Principal balance

0

--

--

--

$10600.00

1

 $    $    $      

2

            

3

            

4

            

5

            

6

            
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Answer #1

Here r = rate of interest = 9%/2 = 4.5%

Statement showing amortization

Payment option Payment Interest Portion Principal portion Principal balance
(Opening balance x 4.5%) (Payment - Interest portion)
0 10600.00
1 2060.00 477.00 1583.00 9017.00
2 2060.00 405.77 1654.24 7362.77
3 2060.00 331.32 1728.68 5634.09
4 2060.00 253.53 1806.47 3827.62
5 2060.00 172.24 1887.76 1939.87
6 2027.16 87.29 1939.87 0.00
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