Set up an amortization schedule for a $30,000 loan to be repaid in equal installments at...

Set up an amortization schedule for a $30,000 loan to be repaid in equal installments at the end of each of the next 20 years at an interest rate of 10 percent. What is the annual payment?

Expert Solution

Amortization Schedule

Principal: $30,000.00

Interest Rate: 10.00%

Payment Interval: Annually for 20 Terms

Pmt #	Payment (in $)	Principal (in $)	Interest (in $)	Balance (in $)
1	3,523.79	523.79	3,000.00	29,476.21
2	3,523.79	576.17	2,947.62	28,900.04
3	3,523.79	633.79	2,890.00	28,266.25
4	3,523.79	697.16	2,826.63	27,569.09
5	3,523.79	766.88	2,756.91	26,802.21
6	3,523.79	843.57	2,680.22	25,958.64
7	3,523.79	927.93	2,595.86	25,030.71
8	3,523.79	1,020.72	2,503.07	24,009.99
9	3,523.79	1,122.79	2,401.00	22,887.20
10	3,523.79	1,235.07	2,288.72	21,652.13
11	3,523.79	1,358.58	2,165.21	20,293.55
12	3,523.79	1,494.44	2,029.35	18,799.11
13	3,523.79	1,643.88	1,879.91	17,155.23
14	3,523.79	1,808.27	1,715.52	15,346.96
15	3,523.79	1,989.09	1,534.70	13,357.87
16	3,523.79	2,188.00	1,335.79	11,169.87
17	3,523.79	2,406.80	1,116.99	8,763.07
18	3,523.79	2,647.48	876.31	6,115.59
19	3,523.79	2,912.23	611.56	3,203.36
20	3,523.70	3,203.36	320.34	0
Grand Total	30,000.00	40,475.71

Equal Installment at the end of each year is $ 3523.70.

jeff jeffy answered 1 year ago

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