A $23,970 loan is to be settled by making payments of $6,999 at the end of every six months. The interest is 7.58% compounded monthly. a) Find the number of payments in the term. N = 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.
A $23,970 loan is to be settled by making payments of $6,999 at the end of every six months. The interest is 7.58% compounded monthly. a) Find the number of payments in the term. N = 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.
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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![A $23,970 loan is to be settled by making payments of $6,999 at the end of every six
months. The interest is 7.58% compounded monthly.
a) Find the number of payments in the term. N
=
b) Fill in the missing values of the amortization schedule below.
Round off your answers to two decimal places. Enter a positive value for all answers.
Payment
Number
0
1
2
3
4
Payment
Amount ($) PMT
FA
A
A
A
Interest Portion
($) INT
FA
A
$
Principal Portion
($) PRN
$
A
$
Loan Balance
($) BAL
A
A
$23,970](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8399e5a8-be8f-4b35-9e7c-a169d305d6c7%2Ffc751951-5082-451f-83cb-019cefefee55%2F6lxeit85_processed.png&w=3840&q=75)
Transcribed Image Text:A $23,970 loan is to be settled by making payments of $6,999 at the end of every six
months. The interest is 7.58% compounded monthly.
a) Find the number of payments in the term. N
=
b) Fill in the missing values of the amortization schedule below.
Round off your answers to two decimal places. Enter a positive value for all answers.
Payment
Number
0
1
2
3
4
Payment
Amount ($) PMT
FA
A
A
A
Interest Portion
($) INT
FA
A
$
Principal Portion
($) PRN
$
A
$
Loan Balance
($) BAL
A
A
$23,970
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