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How much is the equal payment amount

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Amortization schedule for a three-year loan of $100,000. The interest rate is 5% per year, and the loan calls for equal annual payment. How much is the equal payment amount? How much interest is paid in the third year? (Hint, see the example in slide).

Equal payment amount = jQuery2000022897567800978846_1513438824471

Hint: pmt(rate, nper, pv, fv, type = 0)

Interest paid in the third year = jQuery2000022897567800978846_1513438824471

Reference no: EM131772167

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