A twenty-year loan of $15,000 is being repaid with payments of X every other year beginning at the end of the second year, and with additional payments of $3,000 each at the ends of years 3, 9, and 15. The effective annual interest rate is 4%. Calculate the payment amount X. A. 1310 B. 1285 C. 1055 D. 860 E. 630 someone help?

Q: Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.)…

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Q: Current Attempt in Progress Abe is offered a loan of $24,000 that requires 60 monthly payments of…

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A: DataLoan 1Loan 2Loan-to-Value62.50%70.00%Rate6.375%6.875%Fees (Total)$55,000$77,000

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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.