Apex Corporation borrowed $85 000 at 8% compounded quarterly for eight years to buy a warehouse. Equal payments are made
Question:
(a) Determine the size of the quarterly payments.
(b) Compute the interest included in the 16th payment.
(c) Determine the principal repaid in the 20th payment period.
(d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a PV n 85 000 00 i 2 n 32 85 000 00 23 468335 PMT PMT 3621 90 Set P Y 4 C Y 4 85 000 PV 8 …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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Question Posted: February 26, 2016 04:08:58