Question

Danielle received a loan of $37,000 at 3.75% compounded monthly. She had to make payments at the end of every month for a per
b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Payment Numbe
0 0
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Answer #1

rate positively ..

Ans 1) We have to compute the monthly payment.
We have to use finanical calcualtor -
Put in calculator -
FV 0
PV -37000
I 3.75%/12 0.3125%
N 7*12 84
Compute PMT $501.50
size of payment = $501.50
Ans b)
Payment number Payment Interest portion Principal portion Principal balance
0    37,000.00
1 $501.50 115.63 $385.87 $36,614.13
2 $501.50 114.42 $387.08 $36,227.05
83 $501.50 3.12 $498.38 $499.94
84 $501.50 1.56 $499.94 ($0.00)
total 42125.92 5125.92 $37,000.00
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