Question
You borrowed $2,500 from the bank at a rate of 6% compounded quarterly. You will repay the loan back over 3 years with payments
You borrowed $2,500 from the bank at a rate of 6% compounded quarterly. You will repay the loan back over 3 years with payments every three months. Show the original principal balance and complete the first payment of the amortization schedule below. Round numbers to 2 places after the decimal. Hint: If using the amortization table on your calculator, re-enter the rounded PMT amount. Complete schedule with only positive numbers. 1/Y Pmt # 0 1 P/Y C/Y Payment (enter as a positive number) ************ N Interest Portion ************ PV PMT Principal Portion ************ FV Principal Balance
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
15th edition
1337671002, 978-1337395250
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