A debt of 8,800 with interest at 5% payable semi annually will be discharged by payment of 1,200 at the end of each 8 periods as long as necessary, with a final smaller payment of 8 periods after the last 1200 is paid due to COVID19. How much will be the beginning amount after the last period? How much will be the final payment after the last period? How much will ve the interest after the last period? Give the amortization schedule containing the period, beginning amount, payment, interest, repayment and ending balance. Show your solution, dont use excel

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.