Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A loan of $4,479 at 14.25% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for

A loan of $4,479 at 14.25% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the loan. Adjust the final payment so the balance is zero.

Fill out the amortization schedule below.

(Round to the nearest cent as needed. Do not include the $ symbol in your answers.)

Payment Number Amount of Payment Interest Payment Applied to Principal Balance
$4,479
1 $ $ $ $
2 $ $ $ $
3 $ $ $ $
4 $ $ $ $
5 $ $ $ $
6 $ $ $ $
7 $ $ $ $
8 $ $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance Version 3.1

Authors: Rachel S. Siegel

3rd Edition

1453334807, 978-1453334805

More Books

Students also viewed these Finance questions

Question

Define organization development (OD)

Answered: 1 week ago