Comfort Swim Limited borrowed $40 000 for replacement of equipment. The debt is repaid in installments of
Question:
(a) If interest is 7% compounded quarterly, how many payments are needed?
(b) How much will Comfort Swim owe after two years?
(c) How much of the 12th payment is interest?
(d) How much of the principal will be repaid by the 20th payment?
(e) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
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a PV n 40 00000 PMT 200000 i 175 2000 1 10175 n 00175 10175 n 065 1n 110175 1n 0065 017349n 0430783 ...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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