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M10-20 (Supplement 10D) Using an Online Calculator to Produce and Interpret an Amortization Schedule [LO...

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M10-20 (Supplement 10D) Using an Online Calculator to Produce and Interpret an Amortization Schedule [LO 10-S4] Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corp.'s installment note that has original principal of $52,000, interest of 9% compounded annually, and a term of 3 years. (a) What is the annual payment? (b) Of this amount, how much represents interest in year 1? (c) How much principal is included in the year 1 payment? (d) How much interest is included in the year 2 payment? (Round your answers to the nearest whole dollar amount.) (a) Annual payment (b) Interest year 1 (c) Principal year1 (d) Interest year 2 (e) Over time, has the interest become a smaller or larger component of the annual payment? Smaller Larger

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