Loan amortization schedule and total interest calculation.
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Prepare an amortization schedule for a 3-year loan of $40,000. The interest rate is 11 percent per year and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan?
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Solution Summary
In this solution I have provided an excel sheet with embedded formulas. I have shown loan amortization schedule for a three year loan with equal installments. I have also calculated the interest paid in the last year as well as the total interest paid. A good example of how loan amortization works.
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