Loan Amortization Schedule and Determining Interest Rate
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What is a loan amortization schedule? How would you use it to determine your loan interest rate? What factors would affect your choice between two loans?
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The solution explains what is a loan amortization schedule and how is it used to determine an interest rate.
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A scheduling of payments is required when making repayments of long term loans. A loan amortization schedule LAS summarizes all the payments to be made over the loan period. LAS is a record of loan or mortgage payments. The schedule includes the payment number, date, sum, breakdown of principal and interest, and the remaining balance to be paid after the payment. It bears a sum intended for the reduction of the principal, so that the balance will ultimately be reduced to zero at end of the loan period. It shows the individual principal and interest values for every mortgage payment ...
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