Homework Answers
1. Rate per quarter = 6.5% 4 = 1.625%
Using pmt function in excel or financial calculator : PMT ( 1.625%,4,-9000,0)
Size of payments = 2342.14
2.
| Payment number | Amount paid | Interest
portion [Principal balance *1.625%] |
Principal
portion [Amount paid - Interest portion] |
Principal balance |
| 0 | 9000 | |||
| 1 | 2342.14 | 146.25 | 2195.89 | 6804.11 |
| 2 | 2342.14 | 110.57 | 2231.57 | 4572.54 |
| 3 | 2342.14 | 74.30 | 2267.84 | 2304.70 |
| 4 | 2342.14 | 37.45 | 2304.70 | 0.0 |
| Total | 9368.56 | 368.57 | 9000.00 |
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