ow show what is correct and incorrect for the work you have completed so for. I

Question

ow show what is correct and incorrect for the work you have completed so for. I of the work you have done so far is correct you may not have completed everything Prepare an amortization schedule for a three-year loan of $96 COO The Interest rate is 9 percent per year, and the loan agreement cals lor a principal reduction of $32.000 every year How much total interest is paid over the Me of the loan? (Enter rounded answers as directed. but do not use rounded numbers in intermediate calculations Leave no cells blank You must enter O' for the answer to grade c oner tty.

Explanation / Answer

Keep the principal payment as static value at 32000, you've tried to create equal annual payment schedule which is not asked in the question,

Loan Amount 96000 Period Beginning balance Total payment Interest Principal payment Balance principal 1 96000 40640 8640 32000 64000 2 64000 37760 5760 32000 32000 3 32000 34880 2880 32000 0

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