A $22,550 loan is to be settled by making payments of $6,862 at the end of every three months. The interest is 4.5% compounded semi-annually. a) Find the number of payments in the term. N Payment Number b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Enter a positive value for all answers. 0 = 3.37 Payment Amount ($) PMT X Interest Portion ($) INT Principal Portion ($) PRN Loan Balance ($) BAL $22.550
A $22,550 loan is to be settled by making payments of $6,862 at the end of every three months. The interest is 4.5% compounded semi-annually. a) Find the number of payments in the term. N Payment Number b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Enter a positive value for all answers. 0 = 3.37 Payment Amount ($) PMT X Interest Portion ($) INT Principal Portion ($) PRN Loan Balance ($) BAL $22.550
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![A $22,550 loan is to be settled by making payments of $6,862 at the end of every
three months. The interest is 4.5% compounded semi-annually.
a) Find the number of payments in the term. N
Payment
Number
b) Fill in the missing values of the amortization schedule below.
Round off your answers to two decimal places. Enter a positive value for all answers.
0
1
2
3
4
Payment
Amount ($) PMT
$ 6,862
$ 6,862
6,862
= 3.37
$ 2,531.51 x
Interest Portion
($) INT
$254.64 X
$180.03 X
$104.57 X
$28.27 X
Principal Portion
($) PRN
GA
X
FA
FA
6,607.36 x
Loan Balance
($) BAL
$ 15,942.6 x
FA
$22,550
FA](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F336088d3-a54b-414f-aa89-b5c66d837e1b%2F8a728399-7f62-41ee-994b-4eae04c901be%2Fdxxq4t3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A $22,550 loan is to be settled by making payments of $6,862 at the end of every
three months. The interest is 4.5% compounded semi-annually.
a) Find the number of payments in the term. N
Payment
Number
b) Fill in the missing values of the amortization schedule below.
Round off your answers to two decimal places. Enter a positive value for all answers.
0
1
2
3
4
Payment
Amount ($) PMT
$ 6,862
$ 6,862
6,862
= 3.37
$ 2,531.51 x
Interest Portion
($) INT
$254.64 X
$180.03 X
$104.57 X
$28.27 X
Principal Portion
($) PRN
GA
X
FA
FA
6,607.36 x
Loan Balance
($) BAL
$ 15,942.6 x
FA
$22,550
FA
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