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Tricana Corporation borrowed $69,000.00 at 7% compounded monthly for 6 years to buy a warehouse. Equal payments are made at the end of every month.
Tricana Corporation borrowed $69,000.00 at 7% compounded monthly for 6 years to buy a warehouse. Equal payments are made at the end of every month.
- Determine the size of the monthly payments.
- Compute the interest included in payment 25.
- Determine the principal repaid in payment period 10.
Kindly assist me ASAP
Interest Paid Principal Repaid (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 1 S 1176.38 2 S 1176.38 3 S 1176.38 $ 402.50 $397.99 $393.45 $773.88 $ 778.40 $782.94 Outstanding Principal Balance $69,000.00 S 68226.12 S67447.72 S 66664.79 Interest Paid Outstanding Principal Balance Complete the table for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid 70 SU 71 $ 72 $ Principal Repaid SO $ $ $0 Total Paid = 0 (Do not round until the final answer. Then round to the nearest cent as needed.) Interest Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.)Step by Step Solution
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