Question: Penney paving obtained an $ 8 0 , 0 0 0 loan at 7 . 2 % compounded monthly to build a new garage. Construct

Penney paving obtained an $80,000 loan at 7.2% compounded monthly to build a new garage. Construct a partial amortization schedule for payments of $1000 per month showing details of the first two payments, payments 41 and 42 and the last two payments. What total amount of interest was paid on the loan?
Penney paving obtained an $80,000 loan at 7.2% compounded monthly to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

please help it's very hard Construct a partial amortization schedule showing the following information: 1. Payment \# 0 with the original principal balance 2. Details for the first two payments 3....

Q:

Can someone please help with this project? Please use the same columns used in the pictures and PLEASE show formulas used. Also need assistance with calculating the monthly payment F13 fx A D E H K 1...

Q:

Cloverdale Nurseries obtained a $77,000 loan at 9.2% compounded monthly to build an additional greenhouse. Monthly payments were calculated to amortize the loan over six years. Construct a partial...

Q:

i just need the work in order to know how to do it. I provided the answers if it makes things easier.. 37. A $100,000 mortgage calls for interest at 9.5% with full amortization in level monthly...

Q:

Part 1 - BAIL TVM Calculations A $150,000 mortgage is amortized by monthly payments over 25 years. It is renewable after five years. Interest is 5.0% compounded semi-annually (like It always is in...

Q:

1 Chapter 19 Mini Case 2 3 As part of its overall plant modernization and cost reduction program, Western Fabrics' management has decided to install a 4 new automated weaving loom. In the capital...

Q:

Do all the question............................................................................................................................................... Question 1 Victoria is a publicly...

Q:

Gizmo, a small manufacturing company whose management wishes to reduce overhead by installing a new, energy efficient heating system. The new system costs $100K. due to the companys insufficient cash...

Q:

Gizmo, a small manufacturing company whose management wishes to reduce overhead by installing a new, energy efficient heating system. The new system costs $100K. due to the companys insufficient cash...

Q:

A payment of $12,145 is due in 3 year, $18,000 is due in 4 years, and $9,000 is due in 7 years. What single equivalent payment made today would replace the three original payments? Assume that money...

Q:

Wasim is a trader. His financial year ends on 31 March. The totals of his trial balance on 31 March 2017 did not agree. The difference was a shortage on the debit side of $595. This was entered in a...

Q:

Let a be a contstant and let |2r 1|+ 3a? if x 0. How many different values of a will make f continuous at 0? (a) 0 (b) 1 (c) 2 (d) no more than 5 (e) none of these

Q:

BE5.6 (LO 3) Steve Madison needs $250,000 in 10 years. How much must he invest at the end of each year, at 5% interest, to meet his needs?

Q:

Polaski Company manufactures and sells a single product called a Ret Operating at capacity, the company can produce and sell 40,000 Rets per year. Costs associated with this level of production and...