Question
Liz received a loan of $15,000 at 5.50% compounded quarterly. She had to make payments at the end of every quarter for a period of
Liz received a loan of $15,000 at 5.50% compounded quarterly. She had to make payments at the end of every quarter for a period of 1 year to settle the loan.
a. Calculate the size of payments.
Round to the nearest cent
b. Fill in the amortization schedule, rounding the answers to two decimal places.
| Payment Number | Amount Paid | Interest Portion | Principal Portion | Principal Balance |
| 0 | $15,000.00 | |||
| 1 | ||||
| 2 | ||||
| 3 | ||||
| 4 | ||||
| Total |
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Financial Valuation Workbook
Authors: James Hitchner, Michael J. Mard
1st Edition
0471220833, 978-0471220831
