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You have taken a loan of $6,000.00 for 4 years at 2.5% compounded monthly. Fill in the table below: (Rou all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) 6000 X $ 6000 6000 6000 X $ 151.73 X $ 307.29 X $ Balance $6,000.00 X $ X

You have taken a loan of $6,000.00 for 4 years at 2.5% compounded monthly. Fill in the table below: (Rou all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) 6000 X $ 6000 6000 6000 X $ 151.73 X $ 307.29 X $ Balance $6,000.00 X $ X

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
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You have taken a loan of $6,000.00 for 4 years at 2.5% compounded monthly. Fill in the table below: (Round all answers to 2 decimal places.) | Payment Number | Payment Amount | Principal Amount | Interest | Balance | |----------------|----------------|------------------|----------|----------| | 0) | | | | $6,000.00| | 1) | $6,000 | $6,000 | $151.73 | | | 2) | $6,000 | $6,000 | $307.29 | | | 3) | $6,000 | | | | Note: The table requires you to fill in the missing values for the balance and interest for payment 3, adhering to the principles of compounded interest.
Transcribed Image Text:You have taken a loan of $6,000.00 for 4 years at 2.5% compounded monthly. Fill in the table below: (Round all answers to 2 decimal places.) | Payment Number | Payment Amount | Principal Amount | Interest | Balance | |----------------|----------------|------------------|----------|----------| | 0) | | | | $6,000.00| | 1) | $6,000 | $6,000 | $151.73 | | | 2) | $6,000 | $6,000 | $307.29 | | | 3) | $6,000 | | | | Note: The table requires you to fill in the missing values for the balance and interest for payment 3, adhering to the principles of compounded interest.
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