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A debt of $43 100.00 is repaid by payments of $3350.00 made at the end of every six months. Interest ...

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A debt of $43 100.00 is repaid by payments of $3350.00 made at the end of every six months. Interest ...

A debt of $43 100.00 is repaid by payments of $3350.00 made at the end of every six months. Interest is 8.4% compounded quarterly.
a) What is the number of payments needed to retire the debt?
b) What is the cost of the debt for the first five years?
c) What is the interest paid in the 11th 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

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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josan

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More solutions for this book are available here

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ikrabbe Author

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6 years ago

This helped my grade so much Perfect

my2redeyes

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

tcat

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Good timing, thanks!

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