Consider a loan of $7800 at 6.4% compounded semiannually, with 18 semiannual payments. Find the following(a) the payment necessary to amortize the loan(b) the total payments and the total amount of interest paid based on the calculated semiannual payments(c) the total payments and total amount of interest paid based upon an amortization table.(a) The semiannual payment needed to amortize this loan is $(Round to the nearest cent as needed.)(b) The total amount of the payments is $(Round to the nearest cent as needed.)The total amount of interest paid is $(Round to the nearest cent as needed)(c) The total payment for this loan from the amortization table is $(Round to the nearest cent as needed.)The total interest from the amortization table is $(Round to the nearest cent as needed)

We need to use loan amortization formula given below to calculate size of semi-annual payment. PMT…

Answered: Consider a loan of $7800 at 6.4%…

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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