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How many payments are needed

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Question - Milton Investments borrowed $32,000 at 11% compounded semiannually. The loan is to be repaid by payments of $4,500 due at the end of every six months.

a. How many payments are needed?

b. How much of the principal will be repaid by the fifth payment?

c. Make a partial amortization schedule showing details of the last two payments and totals.

Reference no: EM132604936

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