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#6 the answer R=624.00, Balance after payments 3,7, and 8 are ----> #3=2685.98, #7=$592.25, #8=$623.05 I need the work that shows the steps we took
#6 the answer R=624.00, Balance after payments 3,7, and 8 are ----> #3=2685.98, #7=$592.25, #8=$623.05
I need the work that shows the steps we took to come up with this answer. Excel and financial calculators are not allowed. Thank you
6. Eight semiannual payments will be paid to settle a loan of $4,000. If the interest rate is 10.4% compounded semiannually, determine the size of the semiannual payment rounded up to the nearest dime and construct the amortization table. 7. Quarterly payments will be made for 20 years to settle a loan of $22,000. If the interest rate is 7.2% compounded quarterly, determine the size of the quarterly payment rounded up to the nearest dollar and construct the amortization table for the first, fifth and twentieth year. (payment: $522.00, concluding payment: $353.08; balance at the end of first year: $21,482.23; balance at the beginning of the fifth year: $19,687.58; balance at the end of the fifth year: $18,998.77; balance at the beginning ofStep by Step Solution
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