[Steps Shown] A loan of $10,000 at 10% compounded annually is being amortized over 6 years. Under the following headings, work out the first four lines
Question:
A loan of $10,000 at 10% compounded annually is being amortized over 6 years. Under the following headings, work out the first four lines of the amortization schedule using annual payments and determine the outstanding principal after the fourth payment has been made.
| Payment Number | Annual Payment | Interest Portion | Principal Reduction | Outstanding Principal |
| 1. | ||||
| 2. | ||||
| 3. | ||||
| 4. |
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