Amortization. Loan Consolidated Incorporated (LCI) is offeringa special one-time package to reduce Custom Autos' outstandingbills to one easy-to-handle payment plan. LCI will pay off thecurrent outstanding bills of $ 236000for Custom Autos if CustomAutos will make an annual payment to LCI at an interest rate of7 %over the next 5 years.
a. What are the annual payments of the loan?
b. What is the amortization schedule for this loan if CustomAutos wants to pay off the loan before the loan maturity inyears?
c. When will the balance be half paid off?
d. What is the total interest expense on the loan over theyears?
Amortization. Loan Consolidated Incorporated (LCI) is offering a special one-time package to reduce Custom Autos' ou
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