Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Transcribed Image Text:A loan of $1,544 at 10.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the loan. Adjust the final payment so the balance is zero.
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Fill out the amortization schedule below.
(Round to the nearest cent as needed. Do not include the $ symbol in your answers.)
| Payment Number | Amount of Payment | Interest Payment | Applied to Principal | Balance |
|----------------|-------------------|------------------|---------------------|---------|
| 1 | $ | $ | $ | $1,544 |
| 2 | $ | $ | $ | $ |
| 3 | $ | $ | $ | $ |
| 4 | $ | $ | $ | $ |
| 5 | $ | $ | $ | $ |
| 6 | $ | $ | $ | $ |
| 7 | $ | $ | $ | $ |
| 8 | $ | $ | $ | $ |
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