Q Breeds Exam 3 Flashcarci X Home work 29 Math 141 xD ChapterS Sec5 1,525.3 × \\
ID: 3148446 • Letter: Q
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Q Breeds Exam 3 Flashcarci X Home work 29 Math 141 xD ChapterS Sec5 1,525.3 × e Chegg Study | Guided s c Secure ! https://wwww.webassign.net/web/Student/Assignment-Responses/submit2deps16968075 9. -/1.12 points 0/6 Submissions Used My Notes Find the amortization table for a $23,000 loan amortized in five annual payments if the interest rate is 4.5% per year compounded annually. (Round your answers to the nearest cent.) End of Period Payment Toward Interest Payment Toward Principal Outstanding Principal Payment 23000 3 4 Submit Assignment 6:53 PM Type here to search 12/5/2017Explanation / Answer
Formula for EMI calculator is :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
where, P stands for the loan amount or principal,
R is the interest rate
and N is the number of monthly instalments.
Based on that following table obtained :
End ofperiod
End ofperiod
Interest Paid Principle Paid Payments Ending Balance 5 123 5052 5145.48 0 YOUR LOAN PAY OFF IN 5th YEAR. 1 949.16 4196.32 5145.48 18803.68 2 810.42 4763.85 5145.48 14414.57 3 537.52 4607.96 5145.48 9823.82 4 325.82 4819.66 5145.48 5022.17Related Questions
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