Cloverdale Nurseries obtained a $60,000 loan at 8% compounded quarterly to build an additional greenhouse. Monthly payments of $1060 were made to settle the loan. 1. Construct a partial amortization schedule showing the last 2 payments. 2. Determine the total amount paid to settle the loan. Show work, not just the answer. 3. Determine the total principal repaid. 4. Determine the total amount of interest paid. Show work, not just the answer. I Uv Ay Paragraph + v 1. Construct a partial amortization schedule showing the last 2 payments. PMT Setting
Cloverdale Nurseries obtained a $60,000 loan at 8% compounded quarterly to build an additional greenhouse. Monthly payments of $1060 were made to settle the loan. 1. Construct a partial amortization schedule showing the last 2 payments. 2. Determine the total amount paid to settle the loan. Show work, not just the answer. 3. Determine the total principal repaid. 4. Determine the total amount of interest paid. Show work, not just the answer. I Uv Ay Paragraph + v 1. Construct a partial amortization schedule showing the last 2 payments. PMT Setting
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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Question
1. Construct a partial amortization schedule showing the last 2 payments.
PMT Setting N I/Y P/Y C/Y PV PMT FV
Payment NumberPaymentInterest PaidPrincipal RepaidOutstanding Principal
2. Determine the total amount paid to settle the loan. Show work, not just the answer.
3. Determine the total principal repaid.
4. Determine the total amount of interest paid. Show work, not just the answer.
Transcribed Image Text:Cloverdale Nurseries obtained a $60,000 loan at 8% compounded quarterly
to build an additional greenhouse. Monthly payments of $1060 were made
to settle the loan.
1. Construct a partial amortization schedule showing the last 2 payments.
2. Determine the total amount paid to settle the loan. Show work, not
just the answer.
3. Determine the total principal repaid.
4. Determine the total amount of interest paid. Show work, not just the
answer.
I Uv Ay
Paragraph
+ v
1. Construct a partial amortization schedule showing the last 2
payments.
PMT
Setting
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