A contractors price for a new building is $94,000. This loan is financed with equal payments at
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Question:
A contractor’s price for a new building is $94,000. This loan is financed with equal payments at the end of every month for 5 years. Interest is 7.3% compounded semi-annually. Construct a partial amortization table detailing information about the 58th, 59th, and 60th payments. Remember to adjust the final payment and principal paid. (2 marks)
Amount Paid | Principal Paid | Interest paid | Remaining Balance | |
Payment 58 | ||||
Payment 59 | ||||
Payment 60 | ||||
Totals | N/A |
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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