Arcade Company Assignment | College Homework Help

On July 1, 2020 Arcade Company borrowed $220,000 in order to buy the arcade game Zip Flyer. The loan had an annual rate of 6% and a 10 year maturity date. Determine the blended annual payments by creating a PV/FV chart. Prepare the loan amortization schedule. Period Annual Payment Interest Expense Principal Payment Principal Balance If the loan was paid off at the end of year 6 how much would Arcade Company save in interest? Use a formula to calculate your solution Answer: Explain why the interest on the loan decreases each year? Answer: