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Please provide all the calculations with clear explanations. Thank you. A debt of $50000 is amortized by making equal payments at the end of every
Please provide all the calculations with clear explanations. Thank you.
A debt of $50000 is amortized by making equal payments at the end of every 3 months for ten years. Interest is 8% 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 38 39 40 Totals b) How much interest is paid in the 24th payment? c) What is the outstanding principle after the 16th payment? d) How much principal was repaid in the 15th paymentStep by Step Solution
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