Constructing a Loan Amortization schedule
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John borrows $150,000. The terms of the loan are 7.5% over the next 5 years. It is important to note that he makes annual rather than monthly payments.
Construct a loan amortization schedule that shows the 5 payments of John's loan.
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Solution Summary
John borrows $150,000. The terms of the loan are 7.5% over the next 5 years. It is important to note that he makes annual rather than monthly payments.
Construct a loan amortization schedule that shows the 5 payments of John's loan
Solution Preview
Okay, can't create a chart on here, but this should give you a pretty good idea.
Beginning principal: 150,000
Interest accrued: 150,000 X ...
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- BA, Brooklyn College
- MBA/HCM, Phoenix University
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