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A debt of $30,500 is repaid by payments of $2,730 made at the end of every six months.Interest is 4.5% compounded quarterly. (a) What is
A debt of $30,500 is repaid by payments of $2,730 made at the end of every six months.Interest is 4.5% compounded quarterly. (a) What is the number of payments needed to retire the debt? (b) What is the cost of the debt for the first 4 years? (c) What is the interest paid in the 8th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. | ||||||
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