Homework Answers
| Loan Amount | Interest Rate | Term in Years | Annual payment | ||
| $100,000.00 | 8.000% | 3 | $38,803.35 | ||
| Year | StartingBalance | Interest | Principal | EndingBalance | TotalInterest |
| 1 | $100,000.00 | $8,000.00 | $30,803.35 | $69,196.65 | $8,000.00 |
| 2 | $69,196.65 | $5,535.73 | $33,267.62 | $35,929.03 | $13,535.73 |
| 3 | $35,929.03 | $2,874.32 | $35,929.03 | $0.00 | $16,410.05 |
1: Annual loan payment = $38803
2: Interest paid in year 1 = 8000
3: Total interest = $16410
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