Question
Find the payment necessary to amortize a % 6.4 loan of $ 7800compounded semiannually , with 6semiannualpayments. Find (a) the payment necessary to amortize the
Find the payment necessary to amortize a %6.4loan of $ 7800compounded semiannually,with 6semiannualpayments. 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 semiannualpayments. Then create an amortization table to find(c) the total payments and total amount of interest paid based upon the amortization table.
a. The semiannualpayment needed to amortize this loan is $_______.(Round to the nearest cent asneeded.) b. The total amount of the payments is $7________.(Round to the nearest cent asneeded.) The total amount of interest paid is $_______.(Round to the nearest cent asneeded.) c. The total payment for this loan from the amortization table is $________. The total interest from the amortization table is $_________. *Question attached below
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