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Jean and Walter Pereira financed the addition of a swimming pool using a $24,000 home Improvement loan from their bank. Monthly payments were based on
Jean and Walter Pereira financed the addition of a swimming pool using a $24,000 home Improvement loan from their bank. Monthly payments were based on an Interest rate of 7.2% compounded semiannually and a five-year amortization. Construct a partial amortization schedule showing details of the first two payments, Payments 30 and 31, and the last two payments. What total interest will the Pereiras pay over the life of the loan? (Do not round Intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Total Interest Payment number Interest portion $ Principal portion $ Payment $ Principal balance $ 24,000.00 1 2 I 29 1 13,454.93 30 31 944.04 I 58 59 60 M
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