You have taken a loan of $53,000.00 for 21 years at 5.6% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ 358.12 $ 53,000 $ $ $ 117,397.84 $ $ Balance $53,000.00 $ 170,397.84 $ $
You have taken a loan of $53,000.00 for 21 years at 5.6% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ 358.12 $ 53,000 $ $ $ 117,397.84 $ $ Balance $53,000.00 $ 170,397.84 $ $
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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I do not think I am doing this right. Can you please explain and help.
Transcribed Image Text:**Loan Repayment Table Explanation**
The table below illustrates a loan repayment schedule for a loan taken with the following terms:
- Loan Amount: $53,000.00
- Loan Term: 21 years
- Interest Rate: 5.6%, compounded quarterly
The table requires completing the payment details, and is structured to include:
- **Payment Number**: Indicates the installment number.
- **Payment Amount**: The total amount paid in each installment.
- **Principal Amount**: The portion of the payment that goes towards the principal.
- **Interest**: The portion of the payment that covers the interest accrued.
- **Balance**: The remaining loan balance after each payment.
**Initial Data Given:**
- **0) Balance**: $53,000.00
- **1) Payment Amount**: $358.12
- **1) Principal Amount**: $53,000
- **1) Interest**: $117,397.84
- **1) Balance**: $170,397.84
**Instructions:**
- Fill in the remaining rows with the correct payment information.
- Round all answers to two decimal places.
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