Question

X II Home - mohawkcollege.ca x B Hoopage Business Math of X Vretta X + com/collegelink/#/course-resource/section/7470/assignment/13918 $ $ nce MA10037-551756 - Shandeep Singh o Question 12 (1) o Question 13 (2) o Question 14 (1) o Question 15 (1) Question 16 (2) o Question 17 (2) Question 18 (2) • Question 19 (2) • Question 20 (2) Question 13 of 22 Lauren obtained a business loan of $215,000 at 5.21% compounded semi- annually. a. What was the size of the semi-annual payments to be made over 25 years in order to pay off the loan? LAB CLOSE DATE: Wed, March 25th 11:59 pm $0.00 Round to the nearest cent U Submit Print b. Calculate the interest paid on the loan. Save Progress eTextbook (Page 423) Round to the nearest cent Next Question A M 6:06 PM 2020-03-250 - SWIFT * 4 5 o 6 - 00

Answer 1

C7 fc =PMT(C2,C3,-C4,C5,C6) B 1 2 RATE 3 NPER 4 PV 5 FV 6 TYPE 7 PMT 0.02605 0.0521/2 50 25*2 215,000 $ Rate Per Period Total No.of Payments Present Value Future value Ending(0), Beginning(1) Payment per period (PMT(rate,nper,-pv,fv,type)) $7,740.36 PMT(0.02605,50,-215000,0,0) 16 Interest 7740.36*50-215000 $ 172,018.10