At some time in your life, you will make a large purchase such as a home or car. You may need to borrow money to make this purchase and pay back the loan with a series of regular payments. This process is called amortization.
Our goals in this section are to
- Calculate the payment on an amortized loan.
- Construct an amortization schedule.
- Calculate the present value of an annuity.
Use the workbook and videos below to help you accomplish these objectives.
Section 5.5 Workbook (PDF) 11/2/19