× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
A
6
j
6
c
5
m
5
C
5
d
5
s
5
n
4
i
4
d
4
d
4
J
4
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
Hillier Hillier
wrote...
Posts: 550
Rep: 5 0
6 years ago
Far East Imports Inc. owes $64 000.00 to be repaid by monthly payments of $2475.00. Interest is 6.12% compounded monthly.
a) How many payments will Far East Imports Inc. have to make?
b) How much interest is included in the 15th payment?
c) How much of the principal will be repaid by the 17th payment?
d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
Read 66 times
1 Reply

Related Topics

Replies
wrote...
#1
6 years ago
a)    n =   =   =   = 27.8008341
   28 payments are required.

b)    PVn = 2475.00
   = 2475.00(13.29365829) = $32 901.80
   32901.80(.0051) = $167.80

c)    PVn = 2475.00
            = 2475.00(11.4244994) = $28 275.64
   2475.00 - 28,275.64(0.0051) = 2475.00 - 144.21 = $2330.79
d)   Partial Amortization Table (rounded to the nearest cent)
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  828 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 309
  
 340
  
 96
Your Opinion
Who will win the 2024 president election?
Votes: 8
Closes: November 4
Previous poll results: Which industry do you think artificial intelligence (AI) will impact the most?