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Valley Produce Inc. received $90,000 in vendor financing at 5.99% compounded semi-annually for the purchase of harvesting machinery, the contract requires end- of-year payments of

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Valley Produce Inc. received $90,000 in vendor financing at 5.99% compounded semi-annually for the purchase of harvesting machinery, the contract requires end- of-year payments of $7405.85 (except for a smaller final payment). 1. What is the total number of payments required to pay off the loan? (4 marks) 2. Construct a partial amortization schedule, filling in all the non-shaded spaces for the last two payments and the previous principal balance (no totals). Fill in the table below with your answers. (5 marks) 3. Determine the total cost of financing this mortgage. (2 marks)

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