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b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places.
Principal Principal Interest Payment Payment Balance Portion Portion Number $51,000.00 $0.00 $0.00 $0.00 $0.00 1 $0.00 $0.00
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Answer #1
INSTALLMENT INTEREST(Balance*6%/2) PRINCIPAL(Installment-Interest BALANCE
51000
1 2900.51 1530 1370.51 49629.49
2 2900.51 1488.885 1411.625 48217.86
3 2900.51 1446.536 1453.974 46763.89
4 2900.51 1402.917 1497.593 45266.3
5 2900.51 1357.989 1542.521 43723.78
6 2900.51 1311.713 1588.797 42134.98
7 2900.51 1264.049 1636.461 40498.52
8 2900.51 1214.956 1685.554 38812.96
9 2900.51 1164.389 1736.121 37076.84
10 2900.51 1112.305 1788.205 35288.64
11 2900.51 1058.659 1841.851 33446.79
12 2900.51 1003.404 1897.106 31549.68
13 2900.51 946.4904 1954.02 29595.66
14 2900.51 887.8699 2012.64 27583.02
15 2900.51 827.4907 2073.019 25510
16 2900.51 765.3001 2135.21 23374.79
17 2900.51 701.2438 2199.266 21175.53
18 2900.51 635.2658 2265.244 18910.28
19 2900.51 567.3085 2333.202 16577.08
20 2900.51 497.3124 2403.198 14173.88
21 2900.51 425.2165 2475.294 11698.59
22 2900.51 350.9577 2549.552 9149.037
23 2900.51 274.4711 2626.039 6522.998
24 2900.51 195.69 2704.82 3818.178
25 2900.51 114.5453 2785.965 1032.214
26 2900.51 30.96641 2869.544 -1837.33

With the help of above table total 26 payments are required to settle the loan

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