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A $94,000 loan is amortized by payments of $2,950 at the end of every quarter at a rate of 9% compounded quarterly. 1. Construct
A $94,000 loan is amortized by payments of $2,950 at the end of every quarter at a rate of 9% compounded quarterly. 1. Construct the amortization schedule showing the last 2 payments of the loan. 2. What was the total amount paid to settle the loan? 3. What was the total principal repaid for the loan? 4. How much interest was paid for the loan? Round final answers to 2 decimal places. Remember to show your work. Paragraph V PMT Setting N B I U PV V II OB P + v 1. Construct the amortization schedule showing the last 2 payments of the loan. ... Payment Number Payment Interest Principal Paid Paid Balance
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