Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Find the payment necessary to amortize a 4% loan of $1100 compounded quarterly, with 6 quarterly payments. Find (a) the payment necessary to amortize the

image text in transcribed
Find the payment necessary to amortize a 4% loan of $1100 compounded quarterly, with 6 quarterly payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated quarterly payments. Then create an amortization table to find (c) the total payments and total amount of interest paid based upon the amortization table a. The quarterly payment needed to amortize this loan is $ 189.80 (Round to the nearest cent as needed.) b. The total amount of the payments is $ 1138,80 (Round to the nearest cent as needed.) The total amount of interest paid is $ 38,00 (Round to the nearest cont as needed.) c. Tho total payment for this loan from the amortization table is The total interest from the amortization tablo is $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Ages Of The Investor A Critical Look At Life Cycle Investing

Authors: William J Bernstein

1st Edition

1478227133, 978-1478227137

More Books

Students also viewed these Finance questions