The interest rate on a $118,000 loan is 8.9% compounded semiannually. The monthly payments on the loan are $960. (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 210. Interest $ b. Calculate the principal component of Payment 145. Principal $ c. Calculate the final payment. Final payment $

The interest rate on a $118,000 loan is 8.9% compounded semiannually. The monthly payments on the loan are $960. (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 210. Interest $ b. Calculate the principal component of Payment 145. Principal $ c. Calculate the final payment. Final payment $

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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