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You have taken a loan of $64,000.00 for 26 years at 4.7% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ $ $ $ $ $ $ Balance $64,000.00 $ $ $

You have taken a loan of $64,000.00 for 26 years at 4.7% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ $ $ $ $ $ $ Balance $64,000.00 $ $ $

Essentials Of Investments
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
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**Loan Amortization Table Overview** You have taken a loan of $64,000.00 for 26 years with an interest rate of 4.7% compounded quarterly. Use the table below to fill in the payment details. All computations should be rounded to 2 decimal places. **Table Columns:** 1. **Payment Number:** Indicates the sequence of the payments, starting from 0. 2. **Payment Amount:** Total amount paid in each payment period. 3. **Principal Amount:** Portion of the payment that goes toward reducing the loan's principal balance. 4. **Interest:** Portion of the payment that goes toward paying interest on the loan. 5. **Balance:** Remaining loan balance after each payment. **Initial Condition:** - **Balance at Payment 0:** $64,000.00 **Empty Table for Completion:** | Payment Number | Payment Amount | Principal Amount | Interest | Balance | |----------------|----------------|------------------|----------|------------| | 0 | | | | $64,000.00 | | 1 | $ | $ | $ | $ | | 2 | $ | $ | $ | $ | | 3 | $ | $ | $ | $ | **Instructions:** Calculate the payment amount, principal, interest, and remaining balance for each payment period using the compound interest formulas and amortization schedule methods. Use the interest rate of 4.7% compounded quarterly for your calculations.
Transcribed Image Text:**Loan Amortization Table Overview** You have taken a loan of $64,000.00 for 26 years with an interest rate of 4.7% compounded quarterly. Use the table below to fill in the payment details. All computations should be rounded to 2 decimal places. **Table Columns:** 1. **Payment Number:** Indicates the sequence of the payments, starting from 0. 2. **Payment Amount:** Total amount paid in each payment period. 3. **Principal Amount:** Portion of the payment that goes toward reducing the loan's principal balance. 4. **Interest:** Portion of the payment that goes toward paying interest on the loan. 5. **Balance:** Remaining loan balance after each payment. **Initial Condition:** - **Balance at Payment 0:** $64,000.00 **Empty Table for Completion:** | Payment Number | Payment Amount | Principal Amount | Interest | Balance | |----------------|----------------|------------------|----------|------------| | 0 | | | | $64,000.00 | | 1 | $ | $ | $ | $ | | 2 | $ | $ | $ | $ | | 3 | $ | $ | $ | $ | **Instructions:** Calculate the payment amount, principal, interest, and remaining balance for each payment period using the compound interest formulas and amortization schedule methods. Use the interest rate of 4.7% compounded quarterly for your calculations.
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