Consider a 4-year amortizing loan. You borrow $2,400 initially and repay it in f

Question

Consider a 4-year amortizing loan. You borrow $2,400 initially and repay it in four equal annual year-end payments.

If the interest rate is 10%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.)

Consider a 4-year amortizing loan. You borrow $2,400 initially and repay it in four equal annual year-end payments.

Explanation / Answer

Answer a

Answer B

Borrow amount 2400 Tenure (in years) 4 Interest rate 10% Annual payment Rs. -757.13 PMT(10%,4,2400,,0)

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