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A design studio received a loan of $ 3 , 4 0 0 at 6 . 6 0 % compounded semi - annually to purchase
A design studio received a loan of $ at compounded semiannually to purchase a camera. If they settled the loan in years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions:
a What was the payment size?
$
Round to the nearest cent
b What was the size of the interest portion on the first payment?
$
Round to the nearest cent
c What was the balance of the loan at end of the first year?
$
Round to the nearest cent
d What was the size of the interest portion on the last payment?
$
Round to the nearest cent
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