Homework Help is Here – Start Your Trial Now!
Business
Finance
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
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
See similar textbooks
icon
Related questions
Question
100%

I do not think I am doing this right. Can you please explain and help.

**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.
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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS