An organization has a $50,000 loan that is to be amotized over 10 years. create an amortization schedule for a loan at 7.5% interest compounded monthly. What if the organization decided that they wanted to pay the loan off in 5 years?
Amount to pay in 10 years = P(1 + r/100)^N
= 50000(1.075)^10
= 50000 × 2.06103
= 103051.50
Amount to pay in 5 years = P(1 + r/100)^N
= 50000(1.075)^5
= 50000 × 1.135629
= 71781.40
——-
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References :
Amount to pay in 10 years = P(1 + r/100)^N
= 50000(1.075)^10
= 50000 × 2.06103
= 103051.50
Amount to pay in 5 years = P(1 + r/100)^N
= 50000(1.075)^5
= 50000 × 1.135629
= 71781.40
——-
References :
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