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In: Advanced Math

Use the remaining balance method for all parts of this question. Your company bought metal fabrication...

Use the remaining balance method for all parts of this question.

Your company bought metal fabrication equipment that cost $350,000 using a bank loan with the following terms: 7% APR, compounded semi annually, monthly payments, with a 6 year term that pays down the equipment cost.  

Part A : After 4 years, how much would still be owing on the loan?

Part B : How much interest is paid in the 15th payment? How much principal is paid in the 15th payment?

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Expert Solution

Colby Messinger answered 1 year ago
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