Question
Mr. Brabham borrowed $8,200 at 6.13% compounded monthly. He agreed to repay the loan in equal monthly payments over four years. Do not include
Mr. Brabham borrowed $8,200 at 6.13% compounded monthly. He agreed to repay the loan in equal monthly payments over four years. Do not include the dollar sign, $, in your answers. Do not include the comma usually used to denote thousands. Do not include the negative sign in any of your answers. (a) Determine the size of the monthly payment. Use the Ball Plus - Set decimals equal to 2. PMT= (b.) How much of the 20th payment is interest? Ignore the Retrospective Method and the Prospective Method, use the preprogrammed package in the BAll Plus. Use AMORT: P1 = 20, P2 = 20 INT= (c) What is the principal repaid in the 40th payment period? Ignore the Retrospective Method and the Prospective Method, use the preprogrammed package in the BAll Plus. Use AMORT: P1 = 40, P2 = 40 PRN= (d) Construct a partial amortization schedule showing details of the last two payments. Use AMORT: P1 = 47: P2 = 47 Payment Interest Paid = INT= Principal Repaid PRN = Outstanding Balance = BAL = Adjust the final payment to include only the Outstanding Balance from period 47 and the final Interest Paid from period 48.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started