I do not think I am doing this right. Can you please explain and help. You have taken a loan of $53,000.00 for 21 years at 5.6% compounded quarterly. Fill in the table below:(Round all answers to 2 decimal places.)Payment number Payment amount Principal Amount Interest0)1)2)3)$ 358.12s53,000$ 117,397.84$$Balance$53,000.00$ 170,397.84

Given The loan amount is $53000 rate is 5.6% compounded quarterly

Answered: You have taken a loan of $53,000.00 for…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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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 $ $