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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