General Computers Inc. purchased a computer server for $51,500. It paid 35% of the value as a down payment and received a loan for the balance at 8% compounded semi-annually. It made payments of $2,950.75 at the end of every quarter to settle the loan.

Schedule can be completed in Excel. No work needs to be shown for schedule entries.

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

Round up to the next payment

b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places.

Payment Number	Payment	Interest Portion	Principal Portion	Principal Balance
0				$33,475
1
2
: :	: :	: :	: :	: :
: :	: :	: :	: :	: :
				0.00
Total