Problem
Develop a complete amortization table for a loan of $4500, to be paid back in 24 uniform monthly installments, based on an interest rate of 6%. The amortization table must include the following column headings:
Payment Number, Principal Owed (beginning of period), Interest Owed in Each Period, Total Owed (end of each period), Principal Paid in Each Payment, Uniform Monthly Payment Amount.
You must also show the equations used to calculate each column of the table. You are encouraged to use spreadsheets. The entire table must be shown.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.