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4. (15 points) Your firm, Amber Zhang, Salt Company, has taken out a bank loan...

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Finance

4. (15 points) Your firm, Amber Zhang, Salt Company, has taken out a bank loan for $2,000,000 at an annual interest rate of 6% and a maturity of 2 years. You will make 24 equal monthly payments at the end of each month; thus, this is an amortized loan. Create an amortization table, for this loan and record only the first two (2) months of the amortization schedule.

Monthly Payment:

Amortization table: Payment

Month Payment Interest of Principal Principal Balance

1

2

a. After one-year, Amber Zhang, Salt Company wishes to prepay the loan. It has already made 12 monthly payments. Given that there are no pre-payment penalties, what is the remaining balance on the loan (payoff amount)? Remember, Amber Zhang has 12 monthly payments remaining.

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