A contractor’s price for a new building was $96,000. You decide to buy the building, making a payment of $12,000 down and financing the balance by making equal payments at the end of every 6 months for 12 years. Interest is 7.3% compounded semi-annually. B) For the first payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance at the end
A contractor’s price for a new building was $96,000. You decide to buy the building, making a payment of $12,000 down and financing the balance by making equal payments at the end of every 6 months for 12 years. Interest is 7.3% compounded semi-annually.
B) For the first payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance at the end of first installment?
how much interest is paid
how much of the principal is repaid
what is the loan balance?
C) For the fifteen payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance at the end of first installment?
how much interest is paid
how much of the principal is repaid
what is the loan balance?
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