Golden Dragon Restaurant obtained a $9400 loan at 8% compounded annually to replace some kitchen equipment....
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Golden Dragon Restaurant obtained a $9400 loan at 8% compounded annually to replace some kitchen equipment. Prepare a complete amortization schedule if payments of $1840 (except for a smaller final payment) are made semiannually. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. |
Homework Answers
| Answer: | |||||
| Amortization schedule: | |||||
| a | b = a*4% | c | d = c-b | a-d | |
| Payments | Opening balance | Interest @4% | Semi annual Payment | Principal payment | Closing balance |
| 1 | $9,400 | 376.00 | $1,840.00 | $1,464.00 | $7,936.00 |
| 2 | $7,936 | 317.44 | $1,840.00 | $1,522.56 | $6,413.44 |
| 3 | $6,413 | 256.54 | $1,840.00 | $1,583.46 | $4,829.98 |
| 4 | $4,830 | 193.20 | $1,840.00 | $1,646.80 | $3,183.18 |
| 5 | $3,183 | 127.33 | $1,840.00 | $1,712.67 | $1,470.50 |
| 6 | $1,471 | 58.82 | $1,840.00 | $1,781.18 | ($310.68) |
| Total | 1329.32 | $11,040.00 | $9,710.68 |
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Golden Dragon Restaurant obtained a $9400 loan at 8% compounded
annually to replace some kitchen equipment....
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Golden Dragon Restaurant obtained a $9700 loan at 8% compounded annually to replace some kitchen equipment. Prepare a complete amortization schedule if payments of $1870 (except for a smaller final payment) are made semiannually. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)
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