Prepare an amortization schedule for a three-year loan of $111,000. The interest rate is 10 percent...

Prepare an amortization schedule for a three-year loan of $111,000. The interest rate is 10 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $ 111000 $ $ $ $ 2 3 Total interest $

Solutions

Expert Solution

	Beginning Balance	Interest	Principal	Ending Balance
1	$111,000.00	$11,100.00	$33,534.74	$77,465.26
2	$77,465.26	$7,746.53	$36,888.21	$40,577.04
3	$40,577.04	$4,057.70	$40,577.04	$0.00

total interest paid = 22904.23

jeff jeffy answered 2 years ago

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