Dr. Alvano borrowed $8,000 at 8% compounded quarterly to purchase a new X-Ray machine for his clinic. The agreement requires quarterly payments during a two-year amortization period. Suppose that the loan permits an additional prepayment of principal on any scheduled payment date. Prepare an amortization schedule that reflects a prepayment of $1,000 with the third scheduled payment.

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The Answer of Dr. Alvano borrowed $8,000 at 8% compounded quarterly to purchase a new X-Ray machine for his clinic. The agreement requires quarterly payments during a two-year amortization period. Suppose that the loan permits an additional prepayment of principal on any scheduled payment date. Prepare an amortization schedule that reflects a prepayment of $1,000 with the third scheduled payment.

Dr Alvano Borrowed $8,000 at 8% Compounded Quarterly to Purchase