Givens, Hong, and Partners obtained a $8,100 term loan at 9.6% compounded annually for new boardroom furniture. Prepare a complete amortization schedule in which the loan is repaid by equal semiannual payments over three years. (Round your answers to the nearest cent. Do not round the intermediate calculations.) Payment Interest number Payment $ portion $ 0 1 2 3 4 5 6 1624.80 1624.80 1624.80 1624.80 1624.80 1624.80 Principal portion $ Principal balance $ 8,100.00

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.