Problem H-3 Hb 302 Part I. The Marcus Hotel borrows $200,000 from the Spartan National...
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Problem H-3 Hb 302 Part I. The Marcus Hotel borrows $200,000 from the Spartan National Bank. The details are as follows: a. Term of loan 5 years b. Amortization rate - c. Frequency of payment- d. Interest rate- based on 10 years annual 5% Required: 1. Prepare a loan amortization table for five years 2. What percentage of the loan was paid off over the five year period? 3. What was the total amount of interest paid? 4. What amount of interest will be paid over the 10 life of the loan? Part . PV/FV problems a. How much must be invested today to have $5,000 in five years if the interest rate is 6%? b. At an effective interest rate of 9%, what approximate amount will an investor have in 24 years if $5,000 is invested today? $25,000 when she turns 21. If the funds earns annual interest of 10% compounded quarterly, what is the fund worth today? C. Your sister, who is 6 years old today, just received a trust fund that will be worth
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