Question
EastCo takes out a $16,000 loan that charges 4.75% interest compounded semi-annually has fixed quarterly payments of $700. Answer the following questions. For full marks
EastCo takes out a $16,000 loan that charges 4.75% interest compounded semi-annually has fixed quarterly payments of $700. Answer the following questions. For full marks your answer should be rounded to the nearest cent.
How long will it take to pay off the loan? Your answer should be rounded to the appropriate whole period.
What is the principal component of the 12th payment?
What is the interest component of the 10th payment?
How much is the principal reduced by payments 7 through 10?
What is the total interest paid for payments 1 through 4?
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The Handbook Of Portfolio Mathematics
Authors: Vince
1st Edition
0471757683, 978-0471757689
