Adam received a loan of $37,000 at 6.5% compounded monthly. He had to make payments at...

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Adam received a loan of $37,000 at 6.5% compounded monthly. He had to make payments at the end of every month for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent 0.00 b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number Payment Interest Portion Principal Portion Principal Balance $37,000.00 1 $0.00 $0.00 $0.00 $0.00 2 $0.00 $0.00 $0.00 $0.00 11 11 $0.00 $0.00 $0.00 $0.00 0 $0.00 $0.00 $0.00 0.00 Total $0.00 $0.00 0 Adam received a loan of $37,000 at 6.5% compounded monthly. He had to make payments at the end of every month for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent 0.00 b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number Payment Interest Portion Principal Portion Principal Balance $37,000.00 1 $0.00 $0.00 $0.00 $0.00 2 $0.00 $0.00 $0.00 $0.00 11 11 $0.00 $0.00 $0.00 $0.00 0 $0.00 $0.00 $0.00 0.00 Total $0.00 $0.00 0

Answer rating: 100% (QA)

Sure here are the detailed calculations for each step in the amortization schedule 1 Payment Number 1 Interest Portion Interest Principal Balance Mont... View the full answer