13. Creating an amortization schedule Aa Aa After Shipra got a job, the first th

Question

13. Creating an amortization schedule Aa Aa After Shipra got a job, the first thing she bought was a new car. She took out an amortized loan for $45,000-with no ($0) down payment. She agreed to pay off the loan by making annual payments for the next four years at the end of each year. Her bank is charging her an interest rate of 7% per year. Yesterday she caled to ask that you help her compute the annual payments necessary to repay her loan Calculate the annual payment and complete the following loan amortization table: Beginning InterestPrincipal Year Amount Payment Paid Paid Ending Balance 1 $45,000.00 -$0.02 343 MAC 31,0,0,108 2004-2016 Apla. Al rights reserved Grade it Now Save & Continue MacBook Air

Explanation / Answer

Please find below the table duly filled for your reference:-

Year Beginning amount Payment Interest paid Principal paid Ending balance 1 USD 45000 USD 5558 USD 1010 USD 4547 USD 40453 2 USD 16674 USD 2379 USD 14295 USD 26158 3 USD 16674 USD 1345 USD 15328 USD 10830 4 USD 11116 USD 286 USD 10830 USD 0

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.