Amortization.Loan Consolidated Incorporated (LCI) is offering a special one-time package to reduce Custom Autos' outstanding...
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Amortization.Loan Consolidated Incorporated (LCI) is offering a special one-time package to reduce Custom Autos' outstanding bills to one easy-to-handle payment plan. LCI will pay off the current outstanding bills of $234,000 for Custom Autos if Custom Autos will make an annual payment to LCI at an interest rate of 12% over the next 5 years.
a.What are the annual payments of the loan?
b.What is the amortization schedule for this loan if Custom Autos wants to pay off the loan before the loan maturity in 5 years?
c.When will the balance be half paid off?
d.What is the total interest expense on the loan over the 5 years?
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