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you are about to borrow $10 000 from a bank at an interese rate of 10% compounded annually. you are required to make five equal annual repayments in the amount of 2638 per year, with the first repayment occurring at the end of year 1. show the interest payment and principal in each year

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hyderali230

Answer:

Loan amortization schedule is attached with this answer in PDF format please, find it.

Explanation:

Loan payments, includes the payment of interest and principal as well. The interest is calculated for the period opening balance of loan and the residual amount of loan payment is settled against the lease amount.

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