Only question 1 and 4 only with specific steps, thanks.
CHAPTER 4: Annuities 171 EXERCISES 4.5 A. Amortization Tables 1. Fill in the missing portions of the amortization table. The loan's initial balance is $23,450, payments are monthly, and the interest rate is 9%. (Note that these are only the first few rows of a much longer table; the balance will not reach zero in row 6.) Payment Payment Interest Principal Remaining Number Amount Amount Amount Balance $250.00 2 $250.00 3 $250.00 4. $250.00 5 $250.00 6 2. Calculate the quarterly payment for a loan of $28,300 at 7.25% for 10 years. Construct an amortization table for the first four quarterly payments. 3. Suppose you borrow $8,000 to put a new roof on your house. The loan term is 6 years, payments are monthly, and the interest rate is 8.14%. Find the monthly payment and determine how much of your first payment goes toward interest and how much goes toward reducing the balance that you owe. Toran just graduated from college and he owes $17,035 on his student loans. He is Scheduled to make equal monthly payments to pay off the loan in 20 years. His interest rate is 5.75%. Calculate his monthly payment and construct an amortization table for his first three monthly payments. 5. Albert has a credit card on which he owes a balance of $3,765.42. The interest rate is 18 990 His minimum monthly payment is $62.50 but Albert is planning on paying $250 each CHAPTER 4: Annuities 171 EXERCISES 4.5 A. Amortization Tables 1. Fill in the missing portions of the amortization table. The loan's initial balance is $23,450, payments are monthly, and the interest rate is 9%. (Note that these are only the first few rows of a much longer table; the balance will not reach zero in row 6.) Payment Payment Interest Principal Remaining Number Amount Amount Amount Balance $250.00 2 $250.00 3 $250.00 4. $250.00 5 $250.00 6 2. Calculate the quarterly payment for a loan of $28,300 at 7.25% for 10 years. Construct an amortization table for the first four quarterly payments. 3. Suppose you borrow $8,000 to put a new roof on your house. The loan term is 6 years, payments are monthly, and the interest rate is 8.14%. Find the monthly payment and determine how much of your first payment goes toward interest and how much goes toward reducing the balance that you owe. Toran just graduated from college and he owes $17,035 on his student loans. He is Scheduled to make equal monthly payments to pay off the loan in 20 years. His interest rate is 5.75%. Calculate his monthly payment and construct an amortization table for his first three monthly payments. 5. Albert has a credit card on which he owes a balance of $3,765.42. The interest rate is 18 990 His minimum monthly payment is $62.50 but Albert is planning on paying $250 each
