Question $9$ of $15$

Peter purchased a machine for $$400,000.$ He paid $16\%$ of the value as a down payment and received a loan for the balance at $7\mathrm{.}05\%$ compounded annually. He had to make payments of $$4,443\mathrm{.}55$ at the end of every month to settle the loan.

a$.$ How many payments were made?

A full solution for the number of payments should be shown. Submit your solution.

payments

Round up to the next payment period

b$.$ Fill in the partial amortization schedule for the first two payments, the last two payments, including the previous principal balance, and all totals.

No work needs to be shown. Enter the value directly into the schedule.

Payment

Interest Portion

Principal Portion

Principal Balance