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Travis received a loan of $9,000 at 5.50% compounded quarterly. He had to make payments at the end of every quarter for a period of
Travis received a loan of $9,000 at 5.50% compounded quarterly. He had to make payments at the end of every quarter for a period of 1 year to settle the loan.
a. Calculate the size of payments.
b. Fill in the amortization schedule, rounding the answers to two decimal places.
Payment Number | Amount Paid | Interest Portion | Principal Portion | Principal Balance |
0 | $9,000.00 | |||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
Total |
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