Create the amortization schedule for a loan of $10,500, paid monthly over three years using an APR of 8 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.)

Question

Reginald Atkinson

Business

23 August, 09:06

Create the amortization schedule for a loan of $10,500, paid monthly over three years using an APR of 8 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.)

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Blake Martin · Answer 1

Answer: Going by the calculation to generate the amount that will be paid for the three months are as follows -

The amount to be paid in the three months are as follows 1. $7980 2.$5430 3.$2910

Explanation: loan amount = N10,500, APR=8%, NO of years = 3. therefore the calculation goes thus

10,500x 8x3/100 = N2520.

Yr1 = 10,500-2520 = $7980, Yr 2 = 7980-2520 = $5430, Yr3 5430-2520=$2910