A design studio received a loan of $9,600 at 3.70% compounded semi-annually to purchase a camera....

  

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A design studio received a loan of $9,600 at 3.70% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? $0.00 Round to the nearest cent b. What was the size of the interest portion on the first payment? b. What was the size of the interest portion on the first payment? $0.00 Round to the nearest cent Question 4 of 6 c. What was the balance of the loan at end of the first year? $0.00 Round to the nearest cent d. What was the size of the interest portion on the last payment? SUBMIT QUESTION 个 → A design studio received a loan of $9,600 at 3.70% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? $0.00 Round to the nearest cent b. What was the size of the interest portion on the first payment? b. What was the size of the interest portion on the first payment? $0.00 Round to the nearest cent Question 4 of 6 c. What was the balance of the loan at end of the first year? $0.00 Round to the nearest cent d. What was the size of the interest portion on the last payment? SUBMIT QUESTION 个 →

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SOLUTION To construct the amortization schedule we can use the formula for the payment amount of a l... View the full answer