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A debt of $33,300 is repaid by payments of $2,810 made at the end of every six months. Interest is 3.22% compounded quarterly. (a) What
A debt of $33,300 is repaid by payments of $2,810 made at the end of every six months. Interest is 3.22% 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 five years? (c) What is the interest paid in the tenth payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (d) Complete the table below for the first three payments in the schedule. (Round to the nearest cent as needed.) Payment Number Amount Paid 0 1 $2,810 Interest Pald Principal Repaid Outstanding Principal Balance $33,300 2 $2,810 $ $ $ $ $ $ $ $ 3 $2,810 Complete the table below for the last three payments in the schedule. (Round to the nearest cent as needed.) Payment Number Amount Pald 11 Interest Pald Principal Repaid Outstanding Principal Balance $ $ S 12 $2,810 S 13 $2,810 $ $ $ $ SI 14 $0 SO The total paid is so (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as noeded.) The total interest paid is () (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) of the ancho
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