A debt of $17 500 is repaid by payments of $2850 made at the end of each
Question:
(a) How many payments are needed to repay the debt?
(b) What is the cost of the debt for the first three years?
(c) What is the principal repaid in the fifth year?
(d) Construct an amortization schedule showing details of the first three payments, the last three payments, and totals.
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a PV nc 17 50000 i 2850 n 4 c 2 p 104 2 1 10816 1 816 6140351 1 10816 n 00816 10816 n 0498947 1n 108...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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