Monthly payments are required on a $45,000 loan at 6.0% compounded monthly. The loan has an amortization
Question:
a. Calculate the interest component of Payment 137.
b. Calculate the principal component of Payment 76.
c. Calculate the interest paid in Year 1.
d. Calculate the interest paid in Year 14.
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Step by Step Answer:
Given PV 45000 n 1215 180i 6 12 05 Substitute into formula 102 andso...View the full answer
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