The details of the last three payments and totals

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Reference no: EM132016581

Milton Investments borrowed $32000 at 11% compounded semi-annually. The loan is to be repaid by payments of $4500 due at the end of every six months.

a) How many payments are needed?

b) How much of the principle will be repaid by the fifth payment?

c) Prepare a partial amortization schedule showing the details of the last three payments and totals.

Reference no: EM132016581

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