Marsai and Devante borrowed $50,000 at 7.66% compounded semi-annually as a second mortgage loan against...

70.2K

Verified Solution

Question

Accounting

Marsai and Devante borrowed $50,000 at 7.66% compounded semi-annually as a second mortgage loan against their current home. Repayment amount is $850 at the end of every month.
a. How many payments are required to repay the loan?
Number of payments =
b. Use the given information to complete the amortization table below.
Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent.
Please help with part b
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students