finance
posted by sweet .
John borrows $150,000. The terms of the loan are 7.5% over the next 5 years. It is important to note that he makes annual rather than monthly payments.
Construct a loan amortization schedule that shows the 5 payments of John's loan.

hard to show charts on here, since columns don't line up.
First you have to find the payment, solve for x
150000 = x(1  1.075^5)/.075
(I got 37 074.71 )
make a table with headings
Time  payment interest  repayment  balance
1  37074.71  11250  25824.71  124175.29
2  37074.71 9313.15  27761.56  96413.73
.....
(mine came out exactly to the last penny)
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