A debt of $74,000 is repaid over 25 years with monthly payments [at the end of every month]. Interest is 3.72% compounded semi- annually. Do not include the dollar sign, $, in your answers. Do not include the comma usually used to denote thousands. a.) What is the size of the periodic payment? Use the BAII Plus - Set decimals = 2 Payment = When you use the AMORT function on the BAII+ you must have your calculator set to exactly 2 decimals! b.) What is the outstanding principal after the 119th payment? AMORT P1= 119: P2 = 119 BAL= c) What is the interest paid in the 120th payment? AMORT P1 = 120: P2 = 120 INT= d.) What is the principal repaid in the 120th payment? PRN =
A debt of $74,000 is repaid over 25 years with monthly payments [at the end of every month]. Interest is 3.72% compounded semi- annually. Do not include the dollar sign, $, in your answers. Do not include the comma usually used to denote thousands. a.) What is the size of the periodic payment? Use the BAII Plus - Set decimals = 2 Payment = When you use the AMORT function on the BAII+ you must have your calculator set to exactly 2 decimals! b.) What is the outstanding principal after the 119th payment? AMORT P1= 119: P2 = 119 BAL= c) What is the interest paid in the 120th payment? AMORT P1 = 120: P2 = 120 INT= d.) What is the principal repaid in the 120th payment? PRN =
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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![A debt of $74,000 is repaid over 25 years with monthly payments [at the end of every month]. Interest is 3.72% compounded semi-
annually.
Do not include the dollar sign, $, in your answers.
Do not include the comma usually used to denote thousands.
a.) What is the size of the periodic payment?
Use the BAII Plus - Set decimals = 2
Payment =
When you use the AMORT function on the BAII+ you must have your calculator set to exactly 2 decimals!
b.) What is the outstanding principal after the 119th payment?
AMORT P1= 119: P2 = 119
BAL=
c) What is the interest paid in the 120th payment?
AMORT P1 = 120: P2 = 120
INT=
d.) What is the principal repaid in the 120th payment?
PRN =](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1e572468-bb48-4f39-a4da-f874a4ba0543%2F1354f59f-7b45-4db4-b247-5ee885231d4f%2Fa6t1k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A debt of $74,000 is repaid over 25 years with monthly payments [at the end of every month]. Interest is 3.72% compounded semi-
annually.
Do not include the dollar sign, $, in your answers.
Do not include the comma usually used to denote thousands.
a.) What is the size of the periodic payment?
Use the BAII Plus - Set decimals = 2
Payment =
When you use the AMORT function on the BAII+ you must have your calculator set to exactly 2 decimals!
b.) What is the outstanding principal after the 119th payment?
AMORT P1= 119: P2 = 119
BAL=
c) What is the interest paid in the 120th payment?
AMORT P1 = 120: P2 = 120
INT=
d.) What is the principal repaid in the 120th payment?
PRN =
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