Consider a loan of $7100 at 4.8% compounded semiannually, with 18 semiannual payments. Find the following (a) the payment necessary to amortize the loan (b) the total payments and the total amount of interest paid based on the calculated semiannual payments (c) the total payments and total amount of interest paid based upon an amortization table. BICCHI (a) The semiannual payment needed to amortize this loan is $ (Round to the nearest cent as needed.) (b) The total amount of the payments is $ (Round to the nearest cent as needed.)
Consider a loan of $7100 at 4.8% compounded semiannually, with 18 semiannual payments. Find the following (a) the payment necessary to amortize the loan (b) the total payments and the total amount of interest paid based on the calculated semiannual payments (c) the total payments and total amount of interest paid based upon an amortization table. BICCHI (a) The semiannual payment needed to amortize this loan is $ (Round to the nearest cent as needed.) (b) The total amount of the payments is $ (Round to the nearest cent as needed.)
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 12P
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