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Trying this again because the last answer was wrong and the same person keeps posting it still. I need help answering (C) the TOTAL payments
Trying this again because the last answer was wrong and the same person keeps posting it still. I need help answering (C) the TOTAL payments and the TOTAL amount of interest paid based on an amortization table. I have attached my attempt. Please tell me where I went wrong. For total payments, you will need to alter the LAST periodic payment to make the end balance equal to 0. The final answer should be 518.81(17/these are the rows unaltered) + answer = total payments. Then I need the amount of total interest which I believe comes from adding up all of column 5?
Consider a loan of $6900 at 6.8% compounded semiannually, with 18 semiannual payments. Find the following. (a) the payment necessary to amortize the loan (b) the total payments and the total amount of interest paid based on the calculated semiannual payments (c) the total payments and total amount of interest paid based upon an amortization table. (a) The serniannual payment needed to amortize this loan is $518.81. (Round to the nearest cent as needed.) (b) The total amount of the payments is $9338.58. (Round to the nekerest cent as needed.) The total amount of interest paid is $2438.58, (Round to the nearest cent as needed.) (c) The total payment for this loan from the amortization table is $ (Round to the nearest cent as needed.) Step by Step Solution
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