Freddie borrowed $25,000 from Cora at a rate of 9% compounded monthly. Freddie has agreed to...

Freddie borrowed $25,000 from Cora at a rate of 9% compounded monthly. Freddie has agreed to pay Cora back in monthly payments over the course of 3 years.

a) Complete the first and fifth payments for the amortization schedule below

b) Complete the last payment for the amortization schedule below

c) If the last payment is different from the previous payments, very briefly, explain the reason for that; otherwise just say “Same Amount”. (1 mark)

d) Calculate the total amount of interest Freddie paid on this loan

Expert Solution

jeff jeffy answered 2 years ago

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