Locust Inc. owes $14,000.00 to be repaid by monthly payments of $500.00. Interest is 6% compounded monthly.

a) How many payments will Locust Inc. have to make?

b) How much interest is included in the 13th payment?

c) How much of the principal will be repaid in the 10th payment period?

d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals

total paid?

total interest?

Locust Inc. owes $14,000.00 to be repaid by monthly payments of $500.00. Interest is 6% compounded monthly (a) How many payments will Locust Inc. have to make? (b) How much interest is included in the 13th payment? (c) How much of the principal will be repaid in the 10th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (c) The principal 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 Principal Repaid Outstanding Principal Balance $14,000.00 $500.00 $ $500.00 $ $ $ $ $ $ $500.00 Complete the table for the last three payments, starting with the third-to-last payment. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid $500.00 Interest Paid Principal Repaid Outstanding Principal Balance $ $500.00 SC s $ $ $ $0 The total paid is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Enter your answer in each of the answer boxes. 2