14 Loan amortization and capital recovery After Shipra got a job the first thing she...
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14 Loan amortization and capital recovery After Shipra got a job the first thing she bought was a new car She took out an amortized loan for 45 000 with no 0 down payment She agreed to pay off the loan by making annual payments for the next four years at the end of each year Her bank is charging her an interest rate of 10 per year Yesterday she called to ask that you help her compute the annual payments necessary to repay her loan Calculate the annual payment and complete the following loan amortization table Year Beginning Amount 1 2 3 4 45 000 00 Payment Interest Paid 4444 Principal Paid Ending Balance 0 02
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