1. 0123 Shane received a loan of $13,000 at 4.75% compounded quarterly. He had to make payments at the end of every quarter for a period of 1 year to settle the loan. a. Calculate the size of payments. 4 Round to the nearest cent Payment Number b. Fill in the amortization schedule, rounding the answers to two decimal places. Principal Principal Portion Balance Total Amount Paid Interest Portion $13,000
1. 0123 Shane received a loan of $13,000 at 4.75% compounded quarterly. He had to make payments at the end of every quarter for a period of 1 year to settle the loan. a. Calculate the size of payments. 4 Round to the nearest cent Payment Number b. Fill in the amortization schedule, rounding the answers to two decimal places. Principal Principal Portion Balance Total Amount Paid Interest Portion $13,000
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Subject: Finance
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3
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Shane received a loan of $13,000 at 4.75% compounded quarterly. He had to make
payments at the end of every quarter for a period of 1 year to settle the loan.
a. Calculate the size of payments.
Payment
Number
4
Round to the nearest cent
b. Fill in the amortization schedule, rounding the answers to two decimal places.
Principal
Balance
Total
Amount
Paid
Interest Principal
Portion
Portion
$13,000
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