Prepare the first row of a loan amortization schedule based, Ask an Expert

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Prepare the first row of a loan amortization schedule based on the following information.

The loan amount is for $39,696 with an annual interest rate of 15.00%. The loan will be repaid over 17 years with monthly payments.

a) What is the loan payment?

b) what portion of the payment is interest?

c) what portion of the payment is principal?

d) what is the loan balance after first monthly payment?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92811197

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