Far East Imports Inc. owes $64 000.00 to be repaid by monthly payments of $2475.00. Interest is 6.12% compounded monthly.
a) How many payments will Far East Imports Inc. have to make?
b) How much interest is included in the 15th payment?
c) How much of the principal will be repaid by the 17th payment?
d) Construct 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 Far East Imports Inc. owes $64 000.00 to be repaid by monthly payments of $2475.00. Interest is 6.12% compounded monthly.
a) How many payments will Far East Imports Inc. have to make?
b) How much interest is included in the 15th payment?
c) How much of the principal will be repaid by the 17th payment?
d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.