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Sierra and Chris borrowed $64,000 at 6.03% compounded monthly as a second mortgage loan against their current home. Repayment amount is $11,000 at the end of every year. a. How many payments are required to repay the loan? Number of payments h. Use the given information to complete the amortization table below

Sierra and Chris borrowed $64,000 at 6.03% compounded monthly as a second mortgage loan against their current home. Repayment amount is $11,000 at the end of every year. a. How many payments are required to repay the loan? Number of payments h. Use the given information to complete the amortization table below

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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Pls help me in my math of finance pls use financial calculator

Sierra and Chris borrowed $64,000 at 6.03% compounded monthly as a second mortgage loan against their current home. Repayment amount is $11,000 at the end of every year. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Number 0 1 2 : ⠀ : N - 1 N Total Amount Paid ($) 11,000.00 11,000.00 ⠀ ⠀ ⠀ 11,000.00 Interest Paid ($) ⠀ ⠀ ⠀ Principal Repaid ($) ⠀ : ⠀ Outstanding Balance ($) 64,000.00 ⠀ : ⠀ 0.00
Transcribed Image Text:Sierra and Chris borrowed $64,000 at 6.03% compounded monthly as a second mortgage loan against their current home. Repayment amount is $11,000 at the end of every year. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Number 0 1 2 : ⠀ : N - 1 N Total Amount Paid ($) 11,000.00 11,000.00 ⠀ ⠀ ⠀ 11,000.00 Interest Paid ($) ⠀ ⠀ ⠀ Principal Repaid ($) ⠀ : ⠀ Outstanding Balance ($) 64,000.00 ⠀ : ⠀ 0.00
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