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Towline Corporation borrowed $77,000.00 at 3% compounded quarterly for 7 years to buy a warehouse. Equal payments are made at the end of every 3
Towline Corporation borrowed $77,000.00 at 3% compounded quarterly for 7 years to buy a warehouse. Equal payments are made at the end of every 3 months. (a) Determine the size of the quarterly payments. (b) Compute the interest included in payment 6. (c) Determine the principal repaid in payment period 8. (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. (a) The size of the quarterly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest included in payment 6 is $0 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The principal repaid in payment period 8 is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (d) Complete the table below for the first three payments in the schedule. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid 0 Interest Paid Principal Repaid Outstanding Principal Balance $77,000.00 $ 1 $ $ S 2 3 $ $ $ $ the Complete the table for the last three payments. (Do not round the final Then round Payment Number 26 cent eeded.) Amount Paid SI Interest Paid C Principal Repaid $ $ Outstanding Principal Balance $ $ 27 $ $ 28 SI $ S $0 Total Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.) Interest Paid = $
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