Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The loan is amortized with end-of-month payments over five years.
a) Calculate the interest included in the 20th payment.
b) Calculate the principal repaid in the 36th payment.
c) Construct a partial amortization schedule showing the details of the first two payments, the 20th payment, the 36th payment, and the last two payments.
d) Calculate the totals of amount paid, interest paid, and the principal repaid.

Question

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The Answer of Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The loan is amortized with end-of-month payments over five years.
a) Calculate the interest included in the 20th payment.
b) Calculate the principal repaid in the 36th payment.
c) Construct a partial amortization schedule showing the details of the first two payments, the 20th payment, the 36th payment, and the last two payments.
d) Calculate the totals of amount paid, interest paid, and the principal repaid.

Barbara Borrowed $12 000