Question: The Full Keg, a music venue in the city of Chicago has recently taken out a $100,000, 15 year amortized loan to with a 3.5% annual interest rate in order make some upgrades to the venue.
- They've asked that you prepare a full loan amortization schedule, including beginning balance, payment, interest payment, principal payment and ending balance for each period.
- They also want to know how much they will end up paying back in total, as well as how much they will end up paying in interest over the life time of the loan.