The following shows an amortization schedule for a loan which calls for level semi-annual payments over 2 years. Fill in the missing values in the amortization schedule and calculate the effective rate of interest. Year Installment Interest paid Principle repaid Outstanding balance 0 - - 0.5 9,088.510 1 2,969.710 1.5 122.380 2 3,151.4900 - 3,151.490 0
The following shows an amortization schedule for a loan which calls for level semi-annual payments over 2 years. Fill in the missing values in the amortization schedule and calculate the effective rate of interest. Year Installment Interest paid Principle repaid Outstanding balance 0 - - 0.5 9,088.510 1 2,969.710 1.5 122.380 2 3,151.4900 - 3,151.490 0
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 12P
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5.10 The following shows an amortization schedule for a loan which calls for level semi-annual payments over 2 years. Fill in the missing values in the amortization schedule and calculate the effective rate of interest.
Year | Installment | Interest paid | Principle repaid | Outstanding balance |
0 | - | - | ||
0.5 | 9,088.510 | |||
1 | 2,969.710 | |||
1.5 | 122.380 | |||
2 | 3,151.4900 | - | 3,151.490 |
0
|
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