Donald received a loan of $22,000 at 3.25% compounded monthly. She had to make payments at the end of every month for a period of 7 years to settle the loan. a. Calculate the size of payments. b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment Interest Portion Principal Portion Principal Balance 0 $22,000.00 1 2 : : : : : : : : : : : : : : : : 0.00 Total
Donald received a loan of $22,000 at 3.25% compounded monthly. She had to make payments at the end of every month for a period of 7 years to settle the loan. a. Calculate the size of payments. b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment Interest Portion Principal Portion Principal Balance 0 $22,000.00 1 2 : : : : : : : : : : : : : : : : 0.00 Total
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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6. Donald received a loan of $22,000 at 3.25% compounded monthly. She had to make payments at the end of every month for a period of 7 years to settle the loan.
a. Calculate the size of payments.
b. Complete the partial amortization schedule, rounding the answers to the nearest cent.
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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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$22,000.00
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1
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2
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: :
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: :
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: :
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: :
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: :
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: :
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0.00
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Total
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