(Answered) Lets say that the restaurant owner in problem 4 above

Finance

Let's say that the restaurant owner in Problem 4 above decides to go with the amortized loan option and after having paid 2 payments decides to pay off the balance. Using an amortization schedule calculate his payoff amount.

Amount of loan = $50,000; Interest rate = 8%; Term = 5 years

Annual payment = $12,522.82

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