Access an online loan calculator with annual payments, such as the one at mycalculators.com, to...
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Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $42,000, interest of 5 percent compounded annually, and a term of 3 years. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Required: (a) What is the annual payment? (b) of this amount, how much represents interest in year 1? (c) How much principal is included in the year 1 payment? (d) How much interest is included in the year 2 payment? (e) Over time, has the interest become a smaller or larger component of the annual payment? Complete this question by entering your answers in the tabs below. Req A to D Reg E (a) What is the annual payment? (b) of this amount, how much represents interest in year 1? (c) How much principal is included in the year 1 payment? (d) How much interest is included in the year 2 payment? Show less A (a) Annual Payment (b) Interest year 1 (c) Principal year 1 (d) Interest year 2
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