NorthCo takes out a $11,000 loan that charges 7 25% interest compounded semi-annually has foxed quarterly payments

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NorthCo takes out a $11,000 loan that charges 7 25% interest compounded semi-annually has foxed quarterly payments of $700 Answer the following questions For full marks your answer should be rounded to the nearest cent .

a) How long will it take to pay off the loan?

b) What is the principal component of the 5th payment?

c) What is the total interest paid for payments 3 through 6?

Related Book For answer-question

Project Management A Systems Approach to Planning Scheduling and Controlling

ISBN: 978-0470278703

10th Edition

Authors: Harold Kerzner

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Posted Date: Aug 22, 2020 09:30 PM

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NorthCo takes out a $11,000 loan that charges 7 25% interest compounded semi-annually has foxed quarterly payments

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A B 1 1 2 Monthly payment pmt 3 monthly interest raterate 7000 0525 4 numb... View the full answer

Project Management A Systems Approach to Planning Scheduling and Controlling

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