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Prepare an amortization schedule for a fiveyear loan of 62000 Assume the loan agreement calls for a principal reduction of 12400 every year The interest rate is 7 percent per year

Prepare an amortization schedule for a five-year loan of $62,000. Assume the loan agreement calls for a principal reduction of $12,400 every year. The interest rate is 7 percent per year.

PV = 62,000

n=5

i=7%

PMT= 15,121.22

Are my inputs correct? and how do I make use of the 12,400 reduction in principle ?

 

Sep 08 2020 Read more Less More

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