Erik purchased a laptop. Part of an amortization table for Erik's one-year personal loan is shown. Principal Paid ($)Interest Paid ($)206.9121.67208.6419.94210.3818.20212.1316.45213.9014.68215.6812.90217.4811.10219.299.29221.127.46222.965.62224.823.76226.691.89 Calculate the total amount needed to repay the loan.

To calculate the total amount needed to repay the loan, you need to sum up the principal paid and…

Answered: Principal Paid ($) Interest Paid ($)…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A loan of $1,544 at 10.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the loan. Adjust the final payment so the balance is zero. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Interest Applied to Balance Number Payment Payment Principal $1,544 1 2 3 4 5 6 7 8 $ $ JUL S $ $ $ S UL SA $ S $ $ $

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Principal Paid ($)	Interest Paid ($)
206.91	21.67
208.64	19.94
210.38	18.20
212.13	16.45
213.90	14.68
215.68	12.90
217.48	11.10
219.29	9.29
221.12	7.46
222.96	5.62
224.82	3.76
226.69	1.89

Principal Paid ($) Interest Paid ($) 206.91 21.67 208.64 19.94 210.38 18.20 212.13 16.45 213.90 14.68 215.68 12.90 217.48 11.10 219.29 9.29 221.12 7.46 222.96 5.62 224.82 3.76 226.69 1.89 Calculate the total amount needed to repay the loan.