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How much interest is included in the tenth payment

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Reference no: EM132906345

Locust Inc. owes $17,000.00 to be repaid by monthly payments of $470.00. Interest is 7% compounded monthly.

Question (a) How many payments will Locust Inc. have to make?

Question (b) How much interest is included in the 10th payment?

Question (c) How much of the principal will be repaid in the 15th payment period?

Question (d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.

Reference no: EM132906345

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