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Please clearly provide the calculations. Thanks A debt of $80,000 is amortized by making equal payments at the end of every month for ten years.
Please clearly provide the calculations. Thanks
A debt of $80,000 is amortized by making equal payments at the end of every month for ten years. Interest is 6% compounded quarterly. a) Construct a partial amortization table including totals. Payment Number Amount Paid Interest Paid Principal Repaid Outstanding Principal Balance 0 1 2 3 Totals b) How much interest is paid in the 44th payment? c) What is the outstanding principle after the 66th payment? d) How much principal was repaid in the 77th paymentStep by Step Solution
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