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2. SP plans to purchase a new injection molding machine for $135,000. It will be...

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2. SP plans to purchase a new injection molding machine for $135,000. It will be completely financed with a loan at 13% APR compounded bi-weekly (every 2 weeks) over 7 years a) What is the bi-weekly payment on the loan? b) How much interest will be paid over the 7 years of the loan? c) How much of the 1st payment will be used to pay down the loan, rather than to pay interest? d) SP is considering upgrading the machine after 5 years. How much will still be owing on the machine after 5 years? e) Using Excel, construct an amortization table showing the bi-weekly period, the opening balance, payment amount, amount of the payment going to interest, the amount going to pay the loan, and the closing balance. Print the first 10 rows of the table 1 Sackville Plastics 3 Loan Amount 4 Number of Years S Payments per year 6 Total number of payments 7 APR interest rate 8 period interest rate 9 payment per period 10 pening lance Payment Interest to Loan Balance Amount Closing 11 Payment # 12 13 14 15 16 17 18 19 20 21 Bal 6 7 8 10

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