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6. (30 points) Construct an amortization schedule for a $800, 8% nominal rate loan with 8 semiannual equal payments. Use two decimal digit. Semiannual Periods
6. (30 points) Construct an amortization schedule for a $800, 8% nominal rate loan with 8 semiannual equal payments. Use two decimal digit. Semiannual Periods 1 Beginning Balance Semiannual Payment Interest Payment Principal Payment Ending Balance 2 8. Total a. Find semiannual payment: b. Find interest payment: periodic rate = interest payment = c. Find principal payment: semiannual payment - interest payment = d. Ending balance = beginning balance - principal payment = e. Total semiannual payment = semiannual payment x 8 =
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