Question: please answer correctly especially the table Locust Inc. owes ( $ 13,000.00 ) to be repaid by monthly payments of ( $ 460.00 ). Interest

please answer correctly especially the table
please answer correctly especially the table Locust Inc. owes \\( \\$ 13,000.00
\\) to be repaid by monthly payments of \\( \\$ 460.00 \\).

Locust Inc. owes \\( \\$ 13,000.00 \\) to be repaid by monthly payments of \\( \\$ 460.00 \\). Interest is \4 compounded monthly. (a) How many payments will Locust Inc. have to make? (b) How much interest is included in the 7 th payment? (c) How much of the principal will be repaid in the 13 th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. Locust Inc. owes \\( \\$ 21,000.00 \\) to be repaid by monthly payments of \\( \\$ 440.00 \\). Interest is \5 compounded monthly. (a) How many payments will Locust Inc. have to make? (b) How much interest is included in the 7th payment? (c) How much of the principal will be repaid in the 10th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (d) To fill in an amortization schedule, use the formulas interest = Previous Balance \\( \\times \\) i. Principal Repaid = PMT - interest, and Outstanding Balance \\( = \\) Previous Balance - Principal Repaid. Complete the table below for the first three payments in the schedule, rounding to the nearest cent. In order to set up the last three payments, the provious balance is required. Since the original amount financed is known, use the retrospective method no find the previous balance. Complete the table for the last three payments, rounding to the nearest cent. To fill in an amortization schedule use the formulas Interest \\( = \\) Previous Balance Xi, Principal Repaid - PMT - Interest, and Outstanding Balance = Previous Balance - Principal Repaid. \\( \\$ 435.77 \\) \\$5a. 22

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!