Question: General Computers Inc. purchased a computer server for $71,500. It paid 45.00% of the value as a down payment and received a loan for the

General Computers Inc. purchased a computer server for $71,500. It paid 45.00% of the value as a down payment and received a loan for the balance at 9.00% compounded semi-annually. It made payments of $2,550.7 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.

General Computers Inc. purchased a computer server for $71,500. It paid 45.00%

of the value as a down payment and received a loan for

Payment Number Payment Interest Portion Principal Portion Principal Balance 0 $39,325.00 1 $0.00 2 :: 0.00 Total

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