Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

G. The nuntered the nectly paymertil Qot the aneeet in'. Q) The prodeen Locust inc. Owes $19.000.00 to be repaid by monthly payments of $480.00.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
G. The nuntered the nectly paymertil Qot the aneeet in'. Q) The prodeen Locust inc. Owes $19.000.00 to be repaid by monthly payments of $480.00. interest is 10% compounded monthly. (8) How many payments will Locust inc. have to make? (b) How much interest is included in the geh payment? (c) How much of the principat will be repaid in the 15 th payivent period? (d) Construct a partial amortization schedule showing details of the first three payments, the fast three payments, and totalis. (a) The number of the monchly payment is (Round the final answer up to the noarest whole number. Round al intermediate values to saz decimal places as needed) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermedale values to six decimal piaces as needed.) (c) The prencipal is $ (Round the final answer to the nearest cent as needed. Round at intermediale values to sic decimal places as needed) Locust inc. owes $19,000.00 to be repaid by monthly payments of $480.00. Interest is 10% compounded monthly. (a) How marry payments will Locust lnc, have to make? (b) How much interest is included in the 9th payment? (c) How much of the principal will be repaid in the 15 th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals: (a) The number of the monthly payment is (Round the final answer up to the nearest whole number. Round all intermediate values to sx decimal places as needed.) (b) The interest is \$ (Round the final answer to the nearest cent as needed. Round all intermediate values to soc decimat places as needed.) (c) The principal is 5 (Found the final answer to the nearest cent as needed. Found all intermediate values to six decimal ploces as needed.) Locust inc. owes $19.000.00 to be repad by monthly payments of $480.00. Interest is 10% compounded monthly. (a) How many payments will Locust inc. have to make? (b) How much interest is included in the gth payment? (c) How much of the principal will be fepaid in the 15 th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (a) The number of the monthly payment is (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needod.) (b) The interest is s (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The principal is (Round the fnal answer to the nearest cent as needed. Round al intermediate values to six decimal places as needed.) (d) Comple'n the table below for the first three payments in tho schedule

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

Contemporary Issues In Development Finance

Authors: Joshua Yindenaba Abor, Robert Lensink, Charles Komla Delali Adjasi

1st Edition

1138324329, 978-1138324329

More Books

Students also viewed these Finance questions