A loan of $50,000 is to be paid back with semi-annual payments over 12 years at i(2) = 9%. The first payment is R and each succeeding payment increases by 8%. Set up an amortization table. Graph the resulting outstanding balances (using a column graph). Make sure your x-axis goes from 0 to 24. [[[[Using Excel]]]] (6 marks)

7. A loan of $50,000 is to be paid back with semi-annual payments over 12 years at i(2) = 9%. The first payment is R and each succeeding payment increases by 8%. Set up an amortization table. Graph the resulting outstanding balances (using a column graph). Make sure your x-axis goes from 0 to 24. (6 marks)