Leah spent $220,000 to purchase machinery for his factory. He received a loan for the entire amount

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Leah spent $220,000 to purchase machinery for his factory. He received a loan for the entire amount at 7.72% compounded quarterly and made quarterly payments of $8,225 to settle the loan.

a. How long will it take to settle the loan?

years

months

Express the answer in years and months, rounded up to the next month

b. What was the interest portion and principal portion of payment number 5?

Interest Portion:

Round to the nearest cent

Principal:

Round to the nearest cent

c. What was the total amount of interest and principal paid by the end of 4 years?

Interest Portion:

Round to the nearest cent

Principal:

Round to the nearest cent

using excel formulas+ sheet

Related Book For answer-question

Chemistry

ISBN: 978-0077274313

10th edition

Authors: Raymond Chang

See More Books

Posted Date: Jan 13, 2021 03:51 AM

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Leah spent $220,000 to purchase machinery for his factory. He received a loan for the entire amount

Question:

Expert Answer:

Principal amount 220000 2 Rate of interest R Quarterly payment 7375 Let it takes n ... View the full answer

Chemistry

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