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Cheyenne and Ivan borrowed $51,000 at 4.49% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $5,200 at the end
Cheyenne and Ivan borrowed $51,000 at 4.49% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $5,200 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Number 0 1 2 ... N-1 N Total Submit Question lenovo Amount Paid ($) 5,200.00 5,200.00 5,200.00 Interest Paid ($) W P Pa Principal Repaid ($) ... ... Outstanding Balance ($) 51,000.00 XC 0.00
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