John borrows $50,000 and plans to pay it back in four equal semi-annual installments. The annual...

John borrows $50,000 and plans to pay it back in four equal semi-annual installments. The annual interest rate is 8%. Calculate the amount of each installment and exhibit the amortization table.

a. the balance of the loan after the second payment is refinanced for the remaining two payments at annual rate of 6%, calculate the amount by which total interest payment would be reduced.

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

USED EXCEL AS NOTHING WAS MENTIONED, HELP WITH FINANCIAL CALCULATOR, LET ME KNOW

jeff jeffy answered 1 year ago

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