A debt of $30,000 is repaid over 14 years with payments occurring monthly. Interest is 12% compounded quarterly. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 156? (c) What is the interest paid on payment 157? (d) How much principal is repaid in payment 157? (a) The size of the periodic payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest paid is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (d) The princinal ronair ie S
A debt of $30,000 is repaid over 14 years with payments occurring monthly. Interest is 12% compounded quarterly. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 156? (c) What is the interest paid on payment 157? (d) How much principal is repaid in payment 157? (a) The size of the periodic payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest paid is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (d) The princinal ronair ie S
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:A debt of $30,000 is repaid over 14 years with payments occurring monthly. Interest is 12% compounded quarterly.
(a) What is the size of the periodic payment?
(b) What is the outstanding principal after payment 156?
(c) What is the interest paid on payment 157?
(d) How much principal is repaid in payment 157?
***
(a) The size of the periodic payment is $.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places
as needed.)
(b) The outstanding principal is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places
as needed.)
(c) The interest paid is $.
(Round the final answer to the nearest cent as needed. Rund all intermediate values to six decimal places
as needed.)
(d) The princinal rongid is S
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