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Locust Inc. owes $15,000.00 to be repaid by monthly payments of $490.00. Interest is 11% compounded monthly. (a) How many payments will Locust Inc. have
Locust Inc. owes $15,000.00 to be repaid by monthly payments of $490.00. Interest is 11% compounded monthly. (a) How many payments will Locust Inc. have to make? (b) How much interest is included in the 6th payment? (c) How much of the principal will be repaid in the 11th payment period? (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (a) The number of the monthly payment is (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (I C (I 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.)
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