You borrowed $683,000.00 to buy your first home. The interest rate is 4% compounded quarterly, and you will be making the payment twice a month. If the regular payment is 1,300.00, complete the first and last payment rows of the amortization schedule.
|Payment Number||Payment Amount||Interest Portion||Principal Portion||Balance|
Looking for an answer with a full explanation, the notation we use is
A = future value
P = principal
r = annual interest rate
n = number of compounding periods per year
t = time of investment/loan in years
m = monthly deposit
I = interest amount
bal = balance
*it wouldn't let me add a $ in front of the 1,300.00 but it is in dollars!
I can't find any questions like this online and neither can my teacher so any help is very much appreciated!
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