Milton Investments borrowed $32 000 at 11% compounded semi-annually. The loan is repaid by payments of $4500
Question:
(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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a PV n 32 00000 PMT 450000 i 55 7111111 1 1055 n 0055 1055 n 0608889 n 1n ...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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