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To cover your living expenses while at college, beginning three months from now, you want to be able to withdraw $2,000 each quarter from your
To cover your living expenses while at college, beginning three months from now, you want to be able to withdraw $2,000 each quarter from your bank account over the next four years. If the bank account pays .42 percent interest per quarter, how much money will you need to have in your account today to meet your living expense needs over the next four years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value You company has just purchased some new computers using a 5-year bank loan of $54,000. The interest rate on the loan is 9 percent annually, and the loan calls for equal annual payments. Prepare an amortization schedule for the 5-year loan. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "O" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 2 3 4 5 b. How much interest will your company pay in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much total interest will your company pay over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. Interest paid in third year Interest paid over the life of loan c
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