document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1184671>Question 1184671</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Determine the annual payment on a $15,000 loan that is to be amortized over a four-year period and carries a 10 percent interest rate. Also prepare a loan amortization schedule for this loan.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #815648 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=815648\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> loan is 15,000, amortized over a 4 year period at 10% interest rate per year.<BR>\n" );
document.write( "payment on the loan at the end of each year is 4732.06.\r<BR>\n" );
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document.write( "here's the amortization schedule.\r<BR>\n" );
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document.write( "beginning of first year balance = 15,000<BR>\n" );
document.write( "end of first year balance = 15,000 * 1.10 - 4732.06 = 11767.94<BR>\n" );
document.write( "end of second year balance = 11767.94 * 1.10 - 4732.06 = 8212.67<BR>\n" );
document.write( "end of third year balance = 8212.67 * 1.10 - 4732.06 = 4301.87<BR>\n" );
document.write( "end of fourth year balance = 4301.87 * 1.10 - 4732.06 = 0\r<BR>\n" );
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document.write( "numbers shown are rounded to the nearest penny.<BR>\n" );
document.write( "the actual calculations were done with the unrounded numbers.\r<BR>\n" );
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document.write( "you can do this yourself with the following online financial calculator.\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target = \"_blank\">https://arachnoid.com/finance/index.html</a>\r<BR>\n" );
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document.write( "the output looks like this.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/092012.jpg\" >\r<BR>\n" );
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document.write( "inputs are everything except the payment amount.<BR>\n" );
document.write( "output is the payment amount\r<BR>\n" );
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document.write( "you still have to make up the amortization schedule yourself.\r<BR>\n" );
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document.write( "i used the ti-ba-ii business analyst calculator.<BR>\n" );
document.write( "it does the same job as the online financial calculator.\r<BR>\n" );
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