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I need help with these questions. Please indicate your full solution via by hand or Excel. Thank you. A design studio received a loan of
I need help with these questions. Please indicate your full solution via by hand or Excel. Thank you.
A design studio received a loan of $7,600 at 5.10% compounded semi-annually to purchase a camera. If they settled the Ioan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? Round to the nearest cent c. What was the balance of the loan at end of the first year? Round to the nearest cent d. What was the size of the interest portion on the last payment? Round to the nearest centStep by Step Solution
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