General Computers Inc. purchased a computer server by taking a loan of $36,500 at 3.50% compounded semi-annually. It made payments of $2,750 at the end of every half-year to settle the loan.

a. How many payments are required to settle the loan?

Round to the next payment

b. Complete the partial amortization schedule, rounding the answers to the nearest cent.

Payment NumberPayment Interest Portion Principal Portion Principal Balance 0 $36,500 1 2 : :: : : : : : : : : : : : : : 0.00 Total