Bank of Montreal issued a loan of $72,000 at 7.15% compounded semi-annually. The loan was repaid by payments of $980 at the end of every month. a. How many payments were required to pay off the loan? (Enter a whole number) 62 b. What was the total principal repaid in the 2nd year? (Enter starting and ending periods as P1 and P2 and the total principal repaid as a positive value to the nearest cent.) P1 = 13 P2= 24 Total principal repaid in the 2nd year = $18652.7343 c. What was the size of the final payment? (Enter a positive value to the nearest cent) $6035.7924

Bank of Montreal issued a loan of $72,000 at 7.15% compounded semi-annually. The loan was repaid by payments of $980 at the end of every month. a. How many payments were required to pay off the loan? (Enter a whole number) 62 b. What was the total principal repaid in the 2nd year? (Enter starting and ending periods as P1 and P2 and the total principal repaid as a positive value to the nearest cent.) P1 = 13 P2= 24 Total principal repaid in the 2nd year = $18652.7343 c. What was the size of the final payment? (Enter a positive value to the nearest cent) $6035.7924

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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You have taken a loan of $6,000.00 for 3 years at 2.9% compounded monthly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest Balance 0) $6,000.00 1) $ 2) 3) $ $
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