Amortizing Loan Consider a 4-year amortizing loan. You borrow $357,000 initially, and repay it in...
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Amortizing Loan Consider a 4-year amortizing loan. You borrow $357,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 2.81%, calculate the annual payment. (Do not round Intermedlate calculatlons. Round your answer to 2 decimal places.) b. Prepare an amortization schedule. (Leave no cells blank - be certaln to enter "O" wherever requlred. Do not round Intermedlate calculatlons. Round your answers to 2 decimal places.) c-1. What is the loan balance at the end of year 1? (Do not round Intermedlate calculations. Round your answer to 2 decimal places.) c-2. Is it the present value of the remaining loan payments? Amortizing Loan Consider a 4-year amortizing loan. You borrow $357,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 2.81%, calculate the annual payment. (Do not round Intermedlate calculatlons. Round your answer to 2 decimal places.) b. Prepare an amortization schedule. (Leave no cells blank - be certaln to enter "O" wherever requlred. Do not round Intermedlate calculatlons. Round your answers to 2 decimal places.) c-1. What is the loan balance at the end of year 1? (Do not round Intermedlate calculations. Round your answer to 2 decimal places.) c-2. Is it the present value of the remaining loan payments
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Amortizing Loan Consider a 4-year amortizing loan. You borrow $357,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 2.81%, calculate the annual payment. (Do not round Intermedlate calculatlons. Round your answer to 2 decimal places.) b. Prepare an amortization schedule. (Leave no cells blank - be certaln to enter "O" wherever requlred. Do not round Intermedlate calculatlons. Round your answers to 2 decimal places.) c-1. What is the loan balance at the end of year 1? (Do not round Intermedlate calculations. Round your answer to 2 decimal places.) c-2. Is it the present value of the remaining loan payments? Amortizing Loan Consider a 4-year amortizing loan. You borrow $357,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 2.81%, calculate the annual payment. (Do not round Intermedlate calculatlons. Round your answer to 2 decimal places.) b. Prepare an amortization schedule. (Leave no cells blank - be certaln to enter "O" wherever requlred. Do not round Intermedlate calculatlons. Round your answers to 2 decimal places.) c-1. What is the loan balance at the end of year 1? (Do not round Intermedlate calculations. Round your answer to 2 decimal places.) c-2. Is it the present value of the remaining loan payments 