A $23,300 loan is to be settled by making payments of $7,460 at the end of every six months. The interest is 7.82% compounded quarterly. a) Find the number of payments in the term (Round off to two decimal places). b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Payment Number Payment Amount($) PMT Interest Portion ($) INT Principal Portion ($) PRN Loan Balance ($) BAL 0 $3.4 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $
A $23,300 loan is to be settled by making payments of $7,460 at the end of every six months. The interest is 7.82% compounded quarterly. a) Find the number of payments in the term (Round off to two decimal places). b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Payment Number Payment Amount($) PMT Interest Portion ($) INT Principal Portion ($) PRN Loan Balance ($) BAL 0 $3.4 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Question
A $23,300 loan is to be settled by making payments of $7,460 at the end of every six months. The interest is 7.82% compounded quarterly.
a) Find the number of payments in the term (Round off to two decimal places).
b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places.
Payment Number |
Payment Amount($) PMT |
Interest Portion ($) INT | Principal Portion ($) PRN | Loan Balance ($) BAL |
0 |
$3.4 |
|||
1 | $ | $ | $ | $ |
2 | $ | $ | $ | $ |
3 | $ | $ | $ | $ |
4 | $ | $ | $ | $ |
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