# Mr. Brabham borrowed $7500 at 8% compounded monthly. He agreed to repay the loan in equal monthly

## Question:

(a) What is the size of the monthly payment?

(b) How much of the 20th payment is interest?

(c) What is the principal repaid in the 40th payment period?

(d) Prepare a partial amortization schedule showing details of the first three payments, the last three payments, and totals.

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## Step by Step Answer:

**Related Book For**

## Contemporary Business Mathematics with Canadian Applications

**ISBN:** 978-0133052312

10th edition

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