A loan of $400,000 is settled by making payments of $45,000 at the end of every...

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A loan of $400,000 is settled by making payments of $45,000 at the end of every six months. Interest is 11% compounded quarterly. a) Determine the number of payments required to settle the loan, b) Construct the partial amortization schedule for the first two payments, last two payments, total payment made, and interest paid. (Use the textboxes inside the table cells to enter your value. There are a total of 22 boxes to fill in.) Payment Number Payment Size (PMT) Interest Paid (INT) Principal Repaid (PRN) Remaining Balance (BAL) Total A loan of $400,000 is settled by making payments of $45,000 at the end of every six months. Interest is 11% compounded quarterly. a) Determine the number of payments required to settle the loan, b) Construct the partial amortization schedule for the first two payments, last two payments, total payment made, and interest paid. (Use the textboxes inside the table cells to enter your value. There are a total of 22 boxes to fill in.) Payment Number Payment Size (PMT) Interest Paid (INT) Principal Repaid (PRN) Remaining Balance (BAL) Total

Answer rating: 100% (QA)

Solution Given The Interest rate 11 compounded quarterly So the formula is The effecti... View the full answer