a. How many payments are required to settle the loan? _________payments b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
5. General Computers Inc. purchased a computer server for $56,000. It paid 35.00% of the value as a down payment and received a loan for the balance at 10.00% compounded semi-annually. It made payments of $2,850.75 at the end of every quarter to settle the loan.
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Payment Number
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Payment
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Interest Portion
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Principal Portion
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Principal Balance
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0
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$36,400.00
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1
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2
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0.00
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Total
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