Percentage of the total payments made during first five year

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Reference no: EM131452733

1. A bank just approved your small business loan for $25,000. The loan has an interest rate of 10.5% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$2980.59 $4156.43 $3396.03 $3642.15 $4572.23

2. Halfway through the loan's life, what is the loan's remaining balance?

$18018 $15557 $17342 $17513 $11122

3. What percentage of the total payments made during the first five years will be made toward interest?

52.93% 41.53% 47.59% 54.56% 39.34%

Reference no: EM131452733

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