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please show how you do the calculation so I could understand the question more. Thank you! Valley Produce received $50,000 in vendor financing at 3.8%
please show how you do the calculation so I could understand the question more. Thank you!
Valley Produce received $50,000 in vendor financing at 3.8% compounded semiannually for the purchase of harvesting machinery. The contract requires equal annual payments for seven years to repay the debt. Construct the amortization schedule for the debt. How much interest will be paid over the seven-year term? (Do not round the intermediate calculations. Round your answers to two decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment ($) Interest portion ($) Principal portion ($) Principal balance ($) 50,000.00 8280.10 8280.10 8280.10 8280.10 8280.10 8280.10 Total interest is $ ReferencesStep by Step Solution
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