Question

A company borrowed $16,000 paying interest at

9% compounded annually. If the loan is repaid by payments of $ 1800 made at the end of each year,

construct a partial amortization schedule showing the last three payments, the total paid, and the total interest paid.

Complete the table below for the last three payments.

(Do not round until the final answer. Then round to the nearest cent as needed.)

Payment Number	Amount Paid	Interest Paid	Principal Repaid	Outstanding Principal
17	$1800	$	$	$

Answer 1

Note-

Interest Paid = Principal o/s *Interest rate

Principal o/s = Last principal o/s - Principal paid during the year

Principal repaid = Amount repaid - Interest

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