Question: General Computers Inc. purchased a computer server by taking a loan of $33,000 at 2.75% compounded semi-annually. It made payments of $2,150 at the end

General Computers Inc. purchased a computer server by taking a loan of $33,000 at 2.75% compounded semi-annually. It made payments of $2,150 at the end of every half-year to settle the loan.

Schedule can be completed in Excel. No work needs to be shown for schedule entries.

a. How many payments are required to settle the loan?

Round to the next payment

b. Complete the partial amortization schedule, rounding the answers to the nearest cent.

Payment Number

Payment

Interest Portion

Principal Portion

Principal Balance

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