Abdalla took a $10,000 loan at an interest of 12 % compounded monthly. She needs to...

Abdalla took a $10,000 loan at an interest of 12 % compounded monthly. She needs to pay it over 5 years.
Construct the amortization schedule on this loan for the first three months of payments.

Expert Solution

Answer:

Amortization schedule contains EMI, interest, principal paid and balance outstanding. In this problem, EMI comes out to be $222.44. Calculation for Amortization schedule of first three months is shown below along with the final table.

jeff jeffy answered 2 years ago

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