The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time indicated. Debt Principal Debt Payment $16,000 $1195 Payment Interval 6 months Interest Rate 4% Conversion Period semi-annually Outstanding Principal After: 6th payment (a) The number of payments required to amortize the debt is (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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
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The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time
indicated
Debt Principal Debt Payment
$16,000
$1195
Payment
Interval
6 months
Interest Rate
4%
Conversion
Period
semi-annually
Outstanding
Principal After:
6th payment
(a) The number of payments required to amortize the debt is
(Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.)
(b) The outstanding principal is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time indicated Debt Principal Debt Payment $16,000 $1195 Payment Interval 6 months Interest Rate 4% Conversion Period semi-annually Outstanding Principal After: 6th payment (a) The number of payments required to amortize the debt is (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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