Pearland Medical Center has just borrowed $1000000 on a five-year loan with annual payment term at a 12 percent rate. The first payment will be due one year from now. 1. Construct the amortization schedule for this loan.
Pearland Medical Center has just borrowed $1000000 on a five-year loan with annual payment term at a 12 percent rate. The first payment will be due one year from now.1. Construct the amortization schedule for this loan.2. How do the interest payment principal payment and total payment change when a loan is amortized?3. After reading…