Question

A company borrowed

​$15,000

paying interest at

3​%

compounded

quarterly.

If the loan is repaid by payments of

$1700

made at the end of each

3 months,

construct a partial amortization schedule showing the last three​ payments, the total​ paid, and the total interest paid.

Complete the table below for the last three payments.

​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

Payment Number

Amount Paid

Interest Paid

Principal Repaid

Outstanding Principal

8

​$1700

​$

nothing

​$

nothing

​$

nothing

9

​$1700

​$

nothing

​$

nothing

​$

nothing

10

​$

nothing

​$

nothing

​$

nothing

​$0

Total

Paid=​$

nothing

​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

Interest

Paid=​$

nothing

​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

Answer 1

Amount $ 15000, Interest 3% quarterly compounded Compounded principal after one quarter 15600 x3 ㅗ = x 100 + 15000) $ 15112.50 Interest paid =$ $ 112.50 Hence among $ 1700, Principal Repaid =$(1700-112-50) $ 1587.50 - - $1587-5 Outstanding principal :- $ 15000 - $ 13412.50 Payment Necember Amount Paid Interest Principal Principal Outstanding Repaid Principal Paid 1 1700 112.50 $ 1587.5 $ 13412-5 2 1700 100.59 1599.40 $ 1181300g 3 1700 88.60 1611.40 $ 10201.69 1700 76.51 $8578.20 1623.49 4 vi (700 64.34 1635.66 $ 6942.54 6 1700 52.07 1647.93 $5294.61 7 1700 39.71 1660: 29 $ 3734.32 1700 8 28.00 1671.99 $ 20 62.33 9 1700 15.47 1684.53 $ 377.80 10 380: 63 2.83 $ 377.80 $0 Total Paid : - $ ( 9 x 1700 + 380.63) = $ 15680.63 Interest paidi- $ (15680.63 – 15000 . $ 680.63