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Cynthia purchased a machine for $350,000. He paid 20% of the value as a down payment and received a loan for the balance at 7.65%
Cynthia purchased a machine for $350,000. He paid 20% of the value as a down payment and received a loan for the balance at 7.65% compounded semi-annually. He had to make payments of $4,420.75 at the end of every month to settle the loan. a. How many payments were made? b. Fill in the partial amortization schedule for the first two payments, the last two payments, including the previous principal balance, and all totals. No work needs to be shown. Enter the values directly into the schedule. c. What was the total interest paid (cost of financing)
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