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You plan to amortize your $10,000 loan by making five equal payments over the next...

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Finance

You plan to amortize your $10,000 loan by making five equal payments over the next 5 years. The interest rate is 5% compounded annually. What number should appear in (A) of your amortization table below? Note: PVIFA(5%, 5)=4.3295.

Beginning Ending

Year Loan Balance Payment Interest Principal Loan Balance

------------------------------------------------------------------------------------------------------

1 $10,000 xxxx xxx xxx xxxx

2 xxxx xxxx xxx xxx ( A )

3 xxxx xxxx xxx xxx xxxx

4 xxxx xxxx xxx xxx xxxx

5 xxxx xxxx xxx xxx 0

A.

$8,190.26

B.

$7,690.26

C.

$6,290.03

D.

$4,813.56

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