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Question 2, 14.1.3.18 HW Score: 20%, 1 of5 points [EB = Homework: Homework_Chapter #14 Pan .1 of 1.] > O Points:Oof1 Locust Inc. owes $14,000
Question 2, 14.1.3.18 HW Score: 20%, 1 of5 points [EB = Homework: Homework_Chapter #14 Pan .1 of 1.] > O Points:Oof1 Locust Inc. owes $14,000 00 to be repaid by monthly payments of $480.00. Interest is 12% compounded monthly (3) How many payments will Locust Inc. have to make? (b) How much interest is included in the 14th payment? (c) How much of the pn'ncipal will be repaid in the I'th payment period? (d) Construct a partial amortization schedule showing details of the rst three payments, the last three payments, and totals. (a) The number of the monthly payment is (Round the nal answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.)
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