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General Computers Inc. purchased a computer server by taking a loan of $32,500 at 3.75% compounded semi-annually. It made payments of $2,300 at the end of every half-year to settle the loan. a. How many payments are required to settle the loan?

General Computers Inc. purchased a computer server by taking a loan of $32,500 at 3.75% compounded semi-annually. It made payments of $2,300 at the end of every half-year to settle the loan. a. How many payments are required to settle the loan?

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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General Computers Inc. purchased a computer server by taking a loan of $32,500 at 3.75% compounded semi-annually. It made payments of $2,300 at the end of every half-year to settle the loan. a. How many payments are required to settle the loan? Round to the next payment b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment F 0 1 2 ** 0 0 0 0 Total :: ⠀⠀ $0.00 $0.00 $0.00 $0.00 $0.00 Interest Portion Principal Portion Principal Balance $0.00 $0.00 .. ** $0.00 $0.00 $0.00 $0.00 $0.00 ⠀⠀ $0.00 $0.00 0 $32,500 $0.00 $0.00 $0.00 $0.00 0.00
Transcribed Image Text:General Computers Inc. purchased a computer server by taking a loan of $32,500 at 3.75% compounded semi-annually. It made payments of $2,300 at the end of every half-year to settle the loan. a. How many payments are required to settle the loan? Round to the next payment b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment F 0 1 2 ** 0 0 0 0 Total :: ⠀⠀ $0.00 $0.00 $0.00 $0.00 $0.00 Interest Portion Principal Portion Principal Balance $0.00 $0.00 .. ** $0.00 $0.00 $0.00 $0.00 $0.00 ⠀⠀ $0.00 $0.00 0 $32,500 $0.00 $0.00 $0.00 $0.00 0.00
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