Complete an amortization schedule for a $33,000 loan to be repaid in equal installments at the...

Complete an amortization schedule for a $33,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent.

Loan amount to be repaid (PV)	$33,000.00
Interest rate (r)	11.00%
Length of loan (in years)	3

a. Setting up amortization table		Formula
Calculation of loan payment		#N/A

Year	Beginning Balance	Payment	Interest	Repayment of Principal	Remaining Balance
1
2
3

b. Calculating % of Payment Representing Interest and Principal for Each Year
Year	Payment % Representing Interest	Payment % Representing Principal	Check: Total = 100%
1
2
3

Expert Solution

jeff jeffy answered 9 months ago

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