Rola Inc.borrowed $42 000.00 at 7% compounded semi-annually.The loan is repaid by payments of $4700.00 due at the end of every six months.
a)How many payments are needed?
b)How much of the principal will be repaid by the 6^th payment?
c)Prepare a partial amortization schedule showing the details of the last three payments and totals.

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The Answer of Rola Inc.borrowed $42 000.00 at 7% compounded semi-annually.The loan is repaid by payments of $4700.00 due at the end of every six months. a)How many payments are needed? b)How much of the principal will be repaid by the 6^th payment? c)Prepare a partial amortization schedule showing the details of the last three payments and totals.

Rola IncBorrowed $42 000