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Katec Corporation borrowed $71,000.00 at 3% compounded quarterly for 14 years to buy a warehouse. Equal payments are made at the end of every 3
Katec Corporation borrowed $71,000.00 at 3% compounded quarterly for 14 years to buy a warehouse. Equal payments are made at the end of every 3 months. (a) Determine the size of the quarterly payments. (b) Compute the interest Included in payment 8. (c) Determine the principal repaid in payment period 14. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (a) The size of the quarterly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest included in payment & is $7. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The principal repaid in payment period 14 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (d) Complete the table below for the first three payments in the schedule. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid Interest Paid 0 1 1 $ Principal Repaid Outstanding Principal Balance $71,000.00 $ S 2 $ 3 3 $ Complete the table for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid 54 $ 55 $ 1-0 2-0 Interest Paid Principal Repaid $ $ $ Outstanding Principal Balance S S $0 56
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