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2 you borrowed 600000 for 5 years at 7 annual...

Question: 2 you borrowed 600000 for 5 years at 7 annual...

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2. You borrowed $6,000.00 for 5 years at 7% annual interest rate. The banker said that to repay the total loan amount you have to pay $1,463 at the end of each year. a) Draw a time line depicting this cash low b) Build a table to determine how much of the annual payment is interest, and 2 how much principal is there in each annual payment. 4

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