Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The interest rate on a $102,000 loan is 71% compounded semiannually. The monthly payments on the loan are 5720. (Round your answers to 2 decimal

image text in transcribed
image text in transcribed
image text in transcribed
The interest rate on a $102,000 loan is 71% compounded semiannually. The monthly payments on the loan are 5720. (Round your answers to 2 decimal places.) a. Calculate the interest component of Payment 201 Interest b. Calculate the principal component of Payment 136. Principal Calculate the final payment, Final payment The interest rate on a $15,500 loan is 9.9% compounded semiannually. Semiannual payments will pay off the loan in eight years. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. Calculate the interest component of Payment 11. Interest b. Calculate the principal component of Payment 5. Principal C. Calculate the interest paid in Year 7. Interest paid d. How much do Payments 5 to 8 inclusive reduce the principal balance? Principal reduction Monica bought a $1550 4K Ultra HD TV for 20% down, with the balance to be paid with interest at 15% compounded monthly in six equal monthly payments. Construct the full amortization schedule for the debt. Calculate the total interest paid (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter"0" wherever required.) Payment numberPayment Interest portion Principal portion Principal balance $1240.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Workbook

Authors: Azhar Ul Haque Sario

1st Edition

B0C9SG1YC6, 979-8851207891

More Books

Students also viewed these Accounting questions