Question: Studying for exam, can't seem to get right answer on these problems. Can someone walk me through it? You borrow $83,000 to be repaid in

Studying for exam, can't seem to get right answer on these problems. Can someone walk me through it?

You borrow $83,000 to be repaid in monthly installments over the next 9 years. The first payment occurs one month from today. If the annualized interest rate for the loan is9.7%, what is the loan balance immediately following payment #26? Enter your answer as a positive number, and round to the nearest penny.

Correct Answer:69,053.31

You borrow $45,000 to be repaid in monthly installments over the next 7 years. The first payment occurs one month from today. If the annualized interest rate for the loan is3.5%, what is the interest component of payment #26? Enter your answer as a positive number, and round to the nearest penny.

Correct Answer:95.48

You borrow $56,000 to be repaid in monthly installments over the next 6 years. The first payment occurs one month from today. If the annualized interest rate for the loan is5.6%, how much principal is amortized in payment #45? Enter your answer as a positive number, and round to the nearest penny.

Correct Answer:805.40

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