Suppose you have a 20 -year fixed personal loan with an interest rate of 7.25%....
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Suppose you have a 20 -year fixed personal loan with an interest rate of 7.25%. You will pay-off the loan in equal monthly payments. Complete the payment schedule TABLE BELOW. STEP 1: State the amount of loan that you will borrow between $80,000 to $170,000. STEP 2: Complete the payment schedule below. Answer the following questions based on your Loan Payment Schedule: 1. How much (IN TOTAL) have you paid in interest after 20 years? Hint: Add all your interest paid from Payment \#1 to 20 years. ANSWER: 2. How much (IN TOTAL) is your principal paid after 20 years? Hint: Add all your principal paid from Payment \#1 to 20 years
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Suppose you have a 20 -year fixed personal loan with an interest rate of 7.25%. You will pay-off the loan in equal monthly payments. Complete the payment schedule TABLE BELOW. STEP 1: State the amount of loan that you will borrow between $80,000 to $170,000. STEP 2: Complete the payment schedule below. Answer the following questions based on your Loan Payment Schedule: 1. How much (IN TOTAL) have you paid in interest after 20 years? Hint: Add all your interest paid from Payment \#1 to 20 years. ANSWER: 2. How much (IN TOTAL) is your principal paid after 20 years? Hint: Add all your principal paid from Payment \#1 to 20 years 