Question

A design studio received a loan of $5,300 at 3.10% compounded semi-annually to purchase a camera. If they settled the loan in 2 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions:

**a.** What was the payment size?

Round to the nearest cent

**b.** What was the size of the interest portion on
the first payment?

Round to the nearest cent

**c.** What was the balance of the loan at end of
the first year?

Round to the nearest cent

**d.** What was the size of the interest portion on
the last payment?

Round to the nearest cent

Answer #1

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A design studio received a loan of $7,250 at 3.30% compounded
semi-annually to purchase a camera. If they settled the loan in 3
years by making quarterly payments, construct the amortization
schedule for the loan and answer the following questions:
a. What was the payment size?
Round to the nearest cent
b. What was the size of the interest portion on
the first payment?
Round to the nearest cent
c. What was the balance of the loan at end of...

Liz received a $35,850 loan from a bank that was charging
interest at 5.50% compounded semi-annually.
a. How much does she need to pay at the end of
every 6 months to settle the loan in 5 years?
Round to the nearest cent
b. What was the amount of interest charged on
the loan over the 5-year period?
Round to the nearest cent

Lionel received a $33,950 loan from a bank that was charging
interest at 4.50% compounded semi-annually.
a. How much does he need to pay at the end of
every 6 months to settle the loan in 4 years?
Round to the nearest cent
b. What was the amount of interest charged on
the loan over the 4-year period?
Round to the nearest cent

A debt of $14,300
with interest at 8 %
compounded semi-annually
is repaid by payments of $2,100
made at the end of every 3 months.
Construct an amortization schedule showing the total paid and
the total cost of the debt.
Complete the amortization schedule. (Round to the nearest cent
as needed.)
Payment Number
Amount Paid
Interest Paid
Principal Repaid
Outstanding Principal Balance
0
$14,300
1
$2,100
$
$
$

Givens, Hong, and
Partners obtained a $7200 term loan at 8.7% compounded annually for
new boardroom furniture. Prepare a complete amortization schedule
in which the loan is repaid by equal semiannual payments over three
years. (Round your answers to the nearest cent. Do not
round the intermediate calculations.)
Payment
Interest
Principal
Principal
number
Payment $
portion $
portion $
balance $
0
--
--
--
7200.00
1
2
3
4
5
6

Harris Machinery received a demand loan of $180,000. It repaid
$70,000 at the end of the first year, $90,000 at the end of the
second year, and the balance at the end of the third year. The
interest rate charged on the loan was 5.75% compounded
semi-annually during the first year, 5.50% compounded quarterly
during the second year, and 4.75% compounded monthly during the
third year.
a. What was the balance of the loan at the end
of the first...

Catherine received a 30 year loan of $240,000 to purchase a
house. The interest rate on the loan was 5.90% compounded
monthly.
a. What is the size of the monthly loan
payment?
$
Round to the nearest cent
b. What is the principal balance of the loan at
the end of 3 years?$
Round to the nearest cent
c. By how much will the amortization period
shorten if Catherine made an extra payment of $54,000 at the end of
the...

Construct an amortization schedule for a six-year, RM20,000 loan
at 7% interest compounded annually
a) If the first payment is made one year from now.
Ans: P = RM 4,195.92
b) If the first payment is made immediately.
Ans: P = RM 3,921.42

if an $8000 loan is amortized with four quarterly payments at
13% interest compounded quarterly, the quarterly payment is
$2,165.10. Construct an amortization schedule for this loan.

A 25-year, $420,000 mortgage at 3.90% compounded semi-annually
is repaid with monthly payments.
a. What is the size of the monthly
payments?
Round to the nearest cent.
b. Find the balance of the mortgage at the end
of 5 years?
Round to the nearest cent.
c. By how much did the amortization period
shorten by if the monthly payments are increased by $125 at the end
of year five?
years
months
Express the answer in years and months, rounded to...

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