A debt of $43 100.00 is repaid by payments of $3350.00 made at the end of every six months.Interest is 8.4% compounded quarterly.
a)What is the number of payments needed to retire the debt?
b)What is the cost of the debt for the first five years?
c)What is the interest paid in the 11th payment?
d)Construct a partial amortization schedule showing details of the first three payments,the last three payments,and totals.
Correct Answer:
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- 1 = 0.042441 = = = 18.99980...View Answer
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