General Computers Inc. purchased a computer server for $55,000. It paid 40.00% of the value as a down payment and received a loan for the balance at 3.50% compounded semi-annually. It made payments of $2,700.49 at the end of every quarter to settle the loan.

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

payments

Round up to the next payment

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
0				$33,000.00
1
2
: :	: :	: :	: :	: :
: :	: :	: :	: :	: :
				0.00
Total

Veronica received a loan of $14,000 at 5.50% compounded quarterly. He had to make payments at the end of every quarter for a period of 1 year to settle the loan.

a. Calculate the size of payments.

Round to the nearest cent

b. Fill in the amortization schedule, rounding the answers to two decimal places.

Payment Number	Amount Paid	Interest Portion	Principal Portion	Principal Balance
0				$14,000.00
1
2
3
4
Total

Edward received a loan of $23,000 at 5.25% compounded semi-annually. He had to make payments at the end of every half-year for a period of 5 years to settle the loan.

a. Calculate the size of payments.

Round to the nearest cent

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
0				$23,000.00
1
2
: :	: :	: :	: :	: :
: :	: :	: :	: :	: :
				0.00
Total