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 24^th payment is interest?
c)What is the principal repaid in the 37^th payment?
d)Prepare a partial amortization schedule showing details of the first three payments,the last three payments,and totals.

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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 24^th payment is interest? c)What is the principal repaid in the 37^th payment? d)Prepare a partial amortization schedule showing details of the first three payments,the last three payments,and totals.

MrLamb Borrowed $8321