Amortization Problem

| September 29, 2015

Amortization Problem

Chapter 3 HW Problem

JadaTech Inc. borrowed $60,000 at an interest of 3% per year.    JadaTech signed a contract to repay the loan in monthly payments in one year with the first payment starting one month from now.   Develop an amortization schedule for this loan.  Use the following format:
Interest due                                                 Principal paid
Period        Principal    at end of period    Payment    at end of period

At the bottom of the schedule, show the following:
a. The total amount of interest paid ($)
b. The total amount of principal paid ($)

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