Question

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.)

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