Mr. Lamb borrowed $8321.00 at 11.12% compounded monthly. He agreed to repay the loan in equal monthly payments over five years.
a) What is the size of the monthly payment?
b) How much of the 24th payment is interest?
c) What is the principal repaid in the 37th payment?
d) Prepare a partial amortization schedule showing details of the first three payments, the last three payments, and totals.

Question

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The Answer of Mr. Lamb borrowed $8321.00 at 11.12% compounded monthly. He agreed to repay the loan in equal monthly payments over five years.
a) What is the size of the monthly payment?
b) How much of the 24th payment is interest?
c) What is the principal repaid in the 37th payment?
d) Prepare a partial amortization schedule showing details of the first three payments, the last three payments, and totals.

Mr Lamb Borrowed $8321