Question
Locust Inc. owes $19,000.00 to be repaid by monthly payments of $510.00. Interest is 10% compounded monthly. (a) How many payments will Locust Inc. have
Locust Inc. owes $19,000.00 to be repaid by monthly payments of $510.00. Interest is 10% compounded monthly.
(a)
How many payments will Locust Inc. have tomake?
(Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places asneeded.)
(b)
How much interest is included in the 15th payment?
(Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places asneeded.)
(c)
How much of the principal will be repaid in the 6th paymentperiod?
(Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places asneeded.)
(d)
Construct a partial amortization schedule showing details of the first threepayments, the last threepayments, and totals.
(Do not round until the final answer. Then round to the nearest cent asneeded.)
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