1. Prepare an amortization schedule for five years of 59,000. Interest rate is 7 percent per year, and loan calls for equal annual payments
2. You want to save to buy a new massage chair for your parents that costs $956. Therefore, you deposit $626 into a bank that pays 5.77% interest compounded QUARTERLY. How many QUARTERS will it take to buy the massage chair?
3. Prepare an amortization schedule for a five-year loan of $59,000. Interest rate is 7 percent per year, and the loan calls for equal payments.
How much interest is paid in the third year?