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Bradley purchased a machine for $24,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded quarterly. She paid $1,125 at the end of every quarter to settle the loan. a. What was the principal portion of payment number 4? $0.00 Round to the nearest cent b. What was the interest portion of payment number 4? $0.00

Bradley purchased a machine for $24,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded quarterly. She paid $1,125 at the end of every quarter to settle the loan. a. What was the principal portion of payment number 4? $0.00 Round to the nearest cent b. What was the interest portion of payment number 4? $0.00

Essentials Of Investments
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
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Bradley purchased a machine for $24,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded quarterly. She paid $1,125 at the end of every quarter to settle the loan. a. What was the principal portion of payment number 4? $0.00 Round to the nearest cent b. What was the interest portion of payment number 4? $0.00 Round to the nearest cent
Transcribed Image Text:Bradley purchased a machine for $24,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded quarterly. She paid $1,125 at the end of every quarter to settle the loan. a. What was the principal portion of payment number 4? $0.00 Round to the nearest cent b. What was the interest portion of payment number 4? $0.00 Round to the nearest cent
Kaitlyn's student loan of $26,000 at 4.42% compounded quarterly was amortized over 4 years with payments made at the end of every month. What was the principal balance on the loan after 2 years? $0.00 Round to the nearest cent 4
Transcribed Image Text:Kaitlyn's student loan of $26,000 at 4.42% compounded quarterly was amortized over 4 years with payments made at the end of every month. What was the principal balance on the loan after 2 years? $0.00 Round to the nearest cent 4
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