SOLUTION: Hi Iam haveing some trouble with my financial homework, would someone please help me. My question is : Johm borrows $150,000. The terms of the loan are 7.5% over the next 5 years.

Question 195176: Hi Iam haveing some trouble with my financial homework, would someone please help me.
My question is : Johm borrows $150,000. The terms of the loan are 7.5% over the next 5 years. It it important to note that he makes annual rather than monthly payments. Construct a loan amortization schedule that shows the 5 payments of Johns loans.
Iwould like to thank you in advance for your help and useing your time to help me with this question.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

The payment (using the PMT function in Excel) is $37,074.71

You should be able to construct your own amortization table using that information:
Row 1 would be:
Beginning principal: 150,000
Interest accrued: 150,000 X .075
Principal + Interest: Add the first two amounts
Less the payment of $37,074.71 gives the starting principal for the next year
The payment minus the interest accrued is the amount applied to the principal, if you need that.

John

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