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Locust inc. owes $19,000.00 to be repaid by monthly payments of $480.00. Interest is 10% compoundod monthly. (a) How many payments will Locust inc, have
Locust inc. owes $19,000.00 to be repaid by monthly payments of $480.00. Interest is 10% compoundod monthly. (a) How many payments will Locust inc, have to make? (b) How much interest is included in the 9th payment? (c) How much of the principal will bo repaid in the 15 th payment penod? (d) Construct a partial amortization schedule showing details of the first three paymonts, the last three payments, and todals (a) The number of the monthly payment is (Round the final answer up to the nearest whole number. Round all intemediate values to six decimal places as needed.) (b) The inserest is (Round the final answer to the nearest cent as needed. Round ati insermediate values to six decimal places as needed.) (c) The principal is $ (Round the final answer to the nearest cert as needed. Round all intermedate vahies to six docimar places as needed)
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