Question 2: Milton Investments borrowed $32,000 at 11% compounded semiannually. The loan is to be...
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Question 2: Milton Investments borrowed $32,000 at 11% compounded semiannually. The loan is to be repaid by payments of $4,500 due at the end of every six months. a. How many payments are needed? ____________ b. How much of the principal will be repaid by the fifth payment? ____________ c. Prepare a partial amortization schedule showing details of the last two payments and totals.
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