Question 1035865
There are two ways to solve this problem. One is to use the Future Value problem. It is time consuming to solve it this in this format. One easy way to solve this problem is to use Amortization Table. If you go to the following site http://www.calculator.net/amortization-calculator.html


and put the information: this is what you get:
Beginning Balance Interest Principal Ending Balance 
1 $5,000.00 $50.00 $116.07 $4,883.93 
2 $4,883.93 $48.84 $117.23 $4,766.70 
3 $4,766.70 $47.67 $118.40 $4,648.29 
4 $4,648.29 $46.48 $119.59 $4,528.70 
5 $4,528.70 $45.29 $120.78 $4,407.92 
6 $4,407.92 $44.08 $121.99 $4,285.93 
7 $4,285.93 $42.86 $123.21 $4,162.71 
8 $4,162.71 $41.63 $124.44 $4,038.27 
9 $4,038.27 $40.38 $125.69 $3,912.58 
10 $3,912.58 $39.13 $126.94 $3,785.63 
11 $3,785.63 $37.86 $128.21 $3,657.42 
12 $3,657.42 $36.57 $129.50 $3,527.92 
year 1 end 
13 $3,527.92 $35.28 $130.79 $3,397.13 
14 $3,397.13 $33.97 $132.10 $3,265.03 
15 $3,265.03 $32.65 $133.42 $3,131.61 
16 $3,131.61 $31.32 $134.75 $2,996.85 
17 $2,996.85 $29.97 $136.10 $2,860.75 
18 $2,860.75 $28.61 $137.46 $2,723.29 
19 $2,723.29 $27.23 $138.84 $2,584.45 
20 $2,584.45 $25.84 $140.23 $2,444.22 
21 $2,444.22 $24.44 $141.63 $2,302.59 
22 $2,302.59 $23.03 $143.04 $2,159.55 
23 $2,159.55 $21.60 $144.47 $2,015.07 
24 $2,015.07 $20.15 $145.92 $1,869.15 
year 2 end 
25 $1,869.15 $18.69 $147.38 $1,721.77 
26 $1,721.77 $17.22 $148.85 $1,572.91 
27 $1,572.91 $15.73 $150.34 $1,422.57 
28 $1,422.57 $14.23 $151.84 $1,270.73 
29 $1,270.73 $12.71 $153.36 $1,117.36 
30 $1,117.36 $11.17 $154.90 $962.46 
31 $962.46 $9.62 $156.45 $806.02 
32 $806.02 $8.06 $158.01 $648.01 
33 $648.01 $6.48 $159.59 $488.41 
34 $488.41 $4.88 $161.19 $327.23 
35 $327.23 $3.27 $162.80 $164.43 
36 $164.43 $1.64 $164.43 $0.00 
year 3 end