The information has already been computed for questions 1-3 and the answers are

Question

The information has already been computed for questions 1-3 and the answers are shown. Please answer the final question, question # 4

payments are exactly one year apart. Princi Interest 960 640 Total Pa Balance Remainin 8000 1s payment400 2d payment4000 3d payment 4000 Total 3.How much would their payments be if they were amortized under the equal total payment 4960 4640 4320 13920 4000 320 12000 1920 plan? The amortization factor for a 3-period loan at 8% interest is .388. Total P Interest 960 664 Balance Remainin 8304 ent 1 payment 4656 3696 4656 3992 4312

Explanation / Answer

4)

Principal Interest Total payment Balance remaining 1 2000 960   [12000*.08] 2960 12000-2000=10000 2 2000 800   [10000*.08] 2800 10000-2000=8000 3 8000 640   [8000*.08] 8640 0 Total 12000 2400 14400

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.