Question

Create the amortization schedule for a loan of $11,000, paid monthly over three years using an APR of 9 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.)

	Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3

Answer 1

	Beginning Balance	Interest	Principal	Ending Balance
1	$11,000.00	$82.50	$267.30	$10,732.70
2	$10,732.70	$80.50	$269.30	$10,463.40
3	$10,463.40	$78.48	$271.32	$10,192.08
4	$10,192.08	$76.44	$273.36	$9,918.72
5	$9,918.72	$74.39	$275.41	$9,643.32
6	$9,643.32	$72.32	$277.48	$9,365.84
7	$9,365.84	$70.24	$279.56	$9,086.29
8	$9,086.29	$68.15	$281.65	$8,804.64
9	$8,804.64	$66.03	$283.77	$8,520.88
10	$8,520.88	$63.91	$285.89	$8,234.99
11	$8,234.99	$61.76	$288.04	$7,946.95
12	$7,946.95	$59.60	$290.20	$7,656.76
year 1 end
13	$7,656.76	$57.43	$292.37	$7,364.39
14	$7,364.39	$55.23	$294.57	$7,069.82
15	$7,069.82	$53.02	$296.78	$6,773.05
16	$6,773.05	$50.80	$299.00	$6,474.05
17	$6,474.05	$48.56	$301.24	$6,172.81
18	$6,172.81	$46.30	$303.50	$5,869.31
19	$5,869.31	$44.02	$305.78	$5,563.53
20	$5,563.53	$41.73	$308.07	$5,255.46
21	$5,255.46	$39.42	$310.38	$4,945.08
22	$4,945.08	$37.09	$312.71	$4,632.37
23	$4,632.37	$34.74	$315.06	$4,317.32
24	$4,317.32	$32.38	$317.42	$3,999.90
year 2 end
25	$3,999.90	$30.00	$319.80	$3,680.10
26	$3,680.10	$27.60	$322.20	$3,357.90
27	$3,357.90	$25.18	$324.62	$3,033.29
28	$3,033.29	$22.75	$327.05	$2,706.24
29	$2,706.24	$20.30	$329.50	$2,376.74
30	$2,376.74	$17.83	$331.97	$2,044.77
31	$2,044.77	$15.34	$334.46	$1,710.31
32	$1,710.31	$12.83	$336.97	$1,373.34
33	$1,373.34	$10.30	$339.50	$1,033.84
34	$1,033.84	$7.75	$342.05	$691.80
35	$691.80	$5.19	$344.61	$347.19
36	$347.19	$2.60	$347.20	$0.00
year 3 end