Question
Milton Investments borrowed $32,000 at 11% compounded semiannually.The loan is to be repaid by payments of $4,500 due at the end of every six months.
Milton Investments borrowed $32,000 at 11% compounded semiannually.The loan is to be repaid by payments of $4,500 due at the end of every six months.
a.How many payments are needed?
b.How much of the principal will be repaid by the fifth payment?
c.make a partial amortization schedule showing details of the last two payments and totals.
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Fundamentals Of Accounting
Authors: Claudia Gilbertson
10th Edition
1111581169, 978-1111581169
