Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.) A contractor's price for a new building was $90,000. Slade Inc, the buryers of the building, paid $12,000 down and financed the balance by

image text in transcribed
1.) A contractor's price for a new building was $90,000. Slade Inc, the buryers of the building, paid $12,000 down and financed the balance by making equal payments at the end of every six-months for twelve years. Interest is 6.3% compounded semi-annually. a.) What is the size of the semi-annual payment? Set BAIl to 2 decimals! b.) For the first payment period, how much interest is paid? How much of the principal is repaid? What is the halance af the lnan? c.) For the second payment period, how much interest is paid? How much of the principal is repaid? What is the balance of the inan? d.) For the second to last payment period, how much interest is paid? How much of the principal is repaid? What is the balance of the loan? e.) For the last payment period, how much interest is paid? How much of the principal is repaid? What is the halanre af the Inan? f.) What is the adjustea nnal payment? Previlous Balance + Finol interes g.) Cometraint an Amartization Srherlule an Frral Do not priat this out. h.) Set P1=1 and P2=24 and find the final Balance, the total Principal Repaid and the total Interest Paid

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mastering ISO Auditing A Comprehensive Guide To Learn ISO Auditing

Authors: Cybellium Ltd, Kris Hermans

1st Edition

B0CHL9PQFC, 979-8861285858

More Books

Students also viewed these Accounting questions

Question

3. Evaluate your listeners and tailor your speech to them

Answered: 1 week ago