Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Manexa Corporation borrowed $71,000.00 at 4% compounded semi-annually for 12 years to buy a warehouse. Equal payments are made at the end of every 6

image text in transcribed

image text in transcribed

Manexa Corporation borrowed $71,000.00 at 4% compounded semi-annually for 12 years to buy a warehouse. Equal payments are made at the end of every 6 months. (a) Determine the size of the semi-annual payments. (b) Compute the interest included in payment 10. (c) Determine the principal repaid in payment period 6. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (a) The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest included in payment 10 is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The principal repaid in payment period 6 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 0 Interest Paid Principal Repaid Outstanding Principal Balance $71,000.00 1 2 3 Complete the table for the last three payments. (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 22 23 24 SO [ Manexa Corporation borrowed $71,000.00 at 4% compounded semi-annually for 12 years to buy a warehouse. Equal payments are made at the end of every 6 months. (a) Determine the size of the semi-annual payments. (b) Compute the interest included in payment 10. (c) Determine the principal repaid in payment period 6. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. ..... (c) The principal repaid in payment period 6 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 0 Interest Paid Principal Repaid 1 S 2 $ $ 3 Complete the table for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid 22 $ Interest Paid Principal Repaid S S 23 S 24 Total Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.) Interest Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.) Manexa Corporation borrowed $71,000.00 at 4% compounded semi-annually for 12 years to buy a warehouse. Equal payments are made at the end of every 6 months. (a) Determine the size of the semi-annual payments. (b) Compute the interest included in payment 10. (c) Determine the principal repaid in payment period 6. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (a) The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest included in payment 10 is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The principal repaid in payment period 6 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 0 Interest Paid Principal Repaid Outstanding Principal Balance $71,000.00 1 2 3 Complete the table for the last three payments. (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 22 23 24 SO [ Manexa Corporation borrowed $71,000.00 at 4% compounded semi-annually for 12 years to buy a warehouse. Equal payments are made at the end of every 6 months. (a) Determine the size of the semi-annual payments. (b) Compute the interest included in payment 10. (c) Determine the principal repaid in payment period 6. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. ..... (c) The principal repaid in payment period 6 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 0 Interest Paid Principal Repaid 1 S 2 $ $ 3 Complete the table for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid 22 $ Interest Paid Principal Repaid S S 23 S 24 Total Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.) Interest Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance A Quantitative Introduction Volume 2

Authors: Piotr Staszkiewicz, Lucia Staszkiewicz

1st Edition

0128027975, 978-0128027974

More Books

Students also viewed these Finance questions

Question

1.Which are projected Teaching aids in advance learning system?

Answered: 1 week ago

Question

What are the classifications of Bank?

Answered: 1 week ago