Melissa received a loan of $24,000 at 5.75% compounded monthly. She had to make payments at the end of every month for a period of 7 years to settle the loan.

Schedule can be completed in Excel. No work needs to be shown for schedule entries.

a. Calculate the size of payments.

Round to the nearest cent

b. Complete the partial amortization schedule, rounding the answers to the nearest cent.

Payment Number	Payment	Interest Portion	Principal Portion	Principal Balance
0				$24,000.00
1
2
: :	: :	: :	: :	: :
	: :	: :	: :
				0.00
Total