Locust Inc. owes $16 000 to be repaid by monthly payments of $475. Interest is 6% compounded
Question:
(a) How many payments will Locust Inc. have to make?
(b) How much interest is included in the 18th payment?
(c) How much of the principal will be repaid in the 30th payment period?
(d) 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 16 00000 i 05 PMT 47500 3368421 1 1005n 0005 0168421 1 1005 n 1005 n 0831579 1n 1005 1n 08315...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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