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What is the size of the month-end payments

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Reference no: EM133091720

1. Alexandra's student loan of $23,500 at 3.42% compounded quarterly was amortized over 5 years with payments made at the end of every month. What was the principal balance on the loan after 3 years?

2. A design studio received a loan of $5,600 at 5.30% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions:

a. What was the payment size?

b. What was the size of the interest portion on the first payment?

c. What was the balance of the loan at end of the first year?

d. What was the size of the interest portion on the last payment?

3. Tan Company purchased a large server for $30,000. The company paid 25.00% of the value as a down-payment and received a loan for the balance at 5.00% compounded monthly. The loan has a term of 4 years and Tan Company has to make month-end payments to settle the loan.

a. What is the size of the month-end payments?

b. What was the total amount paid to settle the loan?

c. Calculate the total amount of interest paid throughout the term of the loan.

Reference no: EM133091720

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