1.Vincent had to make payments of $1,125.00 every 6 months to settle a $28,000.00 loan that he received at 6.52% compounded semi-annually.
a. How long did it take to settle the loan?
_____years _____months
b. What was the interest portion and principal portion of payment number 4?
Interest Portion
$_____
Round to the nearest cent.
Principal
$_____
Round to the nearest cent.
2. A loan of $432,000 at 4.62% compounded quarterly was to be settled with month-end payments of $9,500. What will be the balance on the loan at the end of 3 years?
$_____
3. Carlos spent $290,000 to purchase machinery for his factory. He received a loan for the entire amount at 4.32% compounded quarterly and made quarterly payments of $6,625 to settle the loan.
a. How long will it take to settle the loan?
____years_____ months
b. What was the interest portion and principal portion of payment number 5?
Interest Portion
$____
Round to the nearest cent.
Principal
$____
Round to the nearest cent.
c. What was the total amount of interest and principal paid by the end of 4 years?
Interest Portion
$____
Round to the nearest cent.
Principal
$____
Round to the nearest cent.
4. A loan of $30,900 at 3.73% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years.
a. Calculate the size of the periodic payment.
$____
Round to the nearest cent.
b. Calculate the total interest paid.
$____
Round to the nearest cent.
5. A design studio received a loan of $7,800 at 6.60% 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?
$_____
Round to the nearest cent.
b. What was the size of the interest portion on the first payment?
$_____
Round to the nearest cent.
c. What was the balance of the loan at end of the first year?
$_____
Round to the nearest cent.
d. What was the size of the interest portion on the last payment?
$_____
Round to the nearest cent.
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