What are the missing amounts for the below amortization table, given the following information?
- A firm borrows $100,000 from a bank.
- The terms of the loan require the firm to make equal, yearly payments, at the end of each year, over the next five years.
- The bank charges 4% interest.
|
Cash
|
Interest
|
Principal
Adjustment
|
Principal
Balance
|
|
|
4%
|
|
100,000
|
|
|
4,000
|
18,463
|
81,537
|
|
|
|
|
|
|
|
2,493
|
19,969
|
42,367
|
|
|
1,695
|
20,768
|
21,599
|
|
|
864
|
21,599
|
0
|