Question
In: Finance
General Computers Inc. purchased a computer server for $55,000. It paid 40.00% of the value as...
General Computers Inc. purchased a computer server for $55,000. It paid 40.00% of the value as a down payment and received a loan for the balance at 10.50% compounded semi-annually. It made payments of $2,200.73 at the end of every quarter to settle the loan.
a. How many payments are required to settle the loan?
payments
Round up to the next payment
b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places.
|
Payment Number |
Payment |
Interest Portion |
Principal Portion |
Principal Balance |
|
0 |
$33,000.00 |
|||
|
1 |
||||
|
2 |
||||
|
: : |
: : |
: : |
: : |
: : |
|
: : |
: : |
: : |
: : |
: : |
|
0.00 |
||||
|
Total |
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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It paid 40.00% of the value as a down payment and received a loan
for the balance at 9.50% compounded semi-annually. It made payments
of $2,900.56 at the end of every quarter to settle the loan.
a. How many payments are required to settle the
loan?
payments
Round up to the next payment
b. Fill in the partial amortization schedule
for the loan, rounding your answers to two decimal places.
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for the balance at 9.50% compounded semi-annually. It made payments
of $2,900.56 at the end of every quarter to settle the loan.
a. How many payments are required to settle the
loan?
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Round up to the next payment
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