Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A loan of $6,191 at 16.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for
A loan of $6,191 at 16.75% 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 Amount of Interest Applied to Balance Number Payment Payment Principal $6.191 1 The trustees of a college have accepted a gift of $175000, but are required to a. The amount of each withdrawal is $ deposit it in an account paying 6% per year, compounded semiannually. They may (Round your answer to the nearest cent.) make equal withdrawals at the end of each six-month period, but the money must last 4 years. a. Find the amount of each withdrawal. b. Find the amount of each withdrawal if the money must last 5 years
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started