%24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Emma received a $79,300 mortgage that is amortized over 3 years. She negotiated a fixed interest rate of 3.3% compounded semi-annually for the term with repayments made on a monthly basis. a) Calculate the size of the payments (Round off to the nearest dollar). $ b) If the payments are rounded off to the nearest dollar, fillin the missing values of the partial amortization schedule below (All the other values are rounded off to two decimal places). Interest Portion Principal Loan Balance Payment Number Payment Amount PMT ($) INT ($) Portion PRN (S) BAL ($) $79,300 35 $0 36 $79,300 Total
%24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Emma received a $79,300 mortgage that is amortized over 3 years. She negotiated a fixed interest rate of 3.3% compounded semi-annually for the term with repayments made on a monthly basis. a) Calculate the size of the payments (Round off to the nearest dollar). $ b) If the payments are rounded off to the nearest dollar, fillin the missing values of the partial amortization schedule below (All the other values are rounded off to two decimal places). Interest Portion Principal Loan Balance Payment Number Payment Amount PMT ($) INT ($) Portion PRN (S) BAL ($) $79,300 35 $0 36 $79,300 Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Emma received a $79,300 mortgage that is amortized over 3 years. She negotiated a fixed
interest rate of 3.3% compounded semi-annually for the term with repayments made on a
monthly basis.
a) Calculate the size of the payments (Round off to the nearest dollar). $
b) If the payments are rounded off to the nearest dollar, fill in the missing values of the partial
amortization schedule below (All the other values are rounded off to two decimal places).
Principal
Portion PRN ($)
Loan Balance
BAL ($)
Payment
Interest Portion
Payment
Amount PMT ($)
Number
INT ($)
$79,300
2
35
$0
36
$79,300
Total
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