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Use the remaining balance method for all parts of this question. Your company bought metal fabrication equipment...

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Advance Math

Use the remaining balance method for all parts of thisquestion.

Your company bought metal fabrication equipment that cost$350,000 using a bank loan with the following terms: 7% APR,compounded semi annually, monthly payments, with a 6 year term thatpays down the equipment cost.  

Part A : After 4 years, how much wouldstill be owing on the loan?

Part B : How much interest is paid inthe 15th payment? How much principal is paid in the 15thpayment?

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