onLeo's Auto Repairs Inc. borrowed $6,600 to be repaid by end-of-month payments over four years. Intereston the loan is 5.61% compounded monthly.Your calculator must be set to 2 decimals before doing any calculations that are going to involveAmortization.All your answers are dollar figures, and must be rounded to exactly 2 decimals.a.) What is the size of the periodic payments?b.) What is the outstanding principal after the 21st payment?c.) What is the interest paid in the 22nd payment?d.) How much principal is repaid in the 22nd payment?

Amortization is a financial approach for stretching out the expenditures of using a long-term asset…

Answered: Leo's Auto Repairs Inc. borrowed $6,600…

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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Sam's Auto Repairs Inc. borrowed $9231 to be repaid by monthly payments over 4 years. Interest on the loan is 3.55% compounded semi-annually. (*Hint: General Annuity) Compute the equal monthly payment. Round your answer to 2 decimal places. Do not enter the dollar sign. Sample input: 124.34 need all steps of calculations for rough work and Create a full loan amortization table for Question
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