A $20,000 loan from a family member is to be paid off as follows: End of Year I: $5,000; End of Year 2: $10,000; End of Year 3: Remainder Due. Interest rate is 10% compounded yearly. Fill in the table.
End of Year | Total Payment | Interest Payment | Principal Payment | Principal Outstanding |
0 | 0 | 0 | 0 |
|
1 | 5000 |
|
|
|
2 | 10 000 |
|
|
|
3 |
|
|
|
|
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