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a. Complete an amortization schedule for a $32,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 12% compounded annually. Round all answers to the nearest cent.

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Capricious23

Answer:

Amortization schedule is attached.

Explanation:

Key matrix

Present value annuity factor  

Rate = 12%  

Terms = 3 years  

Annuity factor = 2.408 (this can be derived from present value table - annuity factor)  

Annual payment = 32,000/2.408

Annual payment = $13,323.17  

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