Question
Sophie received a loan of $1,500 at 5.50% compounded quarterly. She had to make payments at the end of every quarter for 1 year to
Sophie received a loan of $1,500 at 5.50% compounded quarterly. She had to make payments at the end of every quarter for 1 year to settle the loan.
a.Calculate the size of the quarterly payments.
Round to the nearest cent
b.Complete the amortization schedule, rounding the answers to the nearest cent.
Payment Number- Amount Paid- Interest Portion-Principal Portion -Principal Balance
1
2
3
4
Total
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
15th edition
77861612, 1259194078, 978-0077861612, 978-1259194078
