Milton Investments borrowed $32 000 at 11% compounded semi-annually. The loan is repaid by payments of $4500

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Milton Investments borrowed $32 000 at 11% compounded semi-annually. The loan is repaid by payments of $4500 due at the end of every six months.
(a) How many payments are needed?
(b) How much of the principal will be repaid by the fifth payment?
(c) Prepare a partial amortization schedule showing the details of the last three payments and totals.
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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