A $65,000 loan was amortized over 13 years at 3.30% compounded quarterly. Payments were made at the
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Question:
A $65,000 loan was amortized over 13 years at 3.30% compounded quarterly. Payments were made at the end of every month to clear the loan.
a.What is the size of the payments at the end of every month?
Round to the nearest cent
b.What was the balance at the end of 5 years?
Round to the nearest cent
c.What was the interest portion of payment 78?
Round to the nearest cent
d.What was the principal portion of payment 31?
Round to the nearest cent
e.How much interest was paid in year 8?
Round to the nearest cent
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