6) The Gomez Company Inc bought a machine for $175,000. They paid 20% down and amortized...

6) The Gomez Company Inc bought a machine for $175,000. They paid 20% down and amortized the rest at 11.2% over a 3-year period.

a) Find their Quarterly payment.

b) Using MS-Excel, prepare an amortization table to show how the payments are made and how interest and principal balance are determined

c) How much will the company owe after 18 months? What is the amount of interest during their 5th payment?

Solutions

Expert Solution

The answer has been presenetd in the supporting sheet. For detailed answer refer to the supporting sheet.

ekkarill92 answered 1 year ago

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