CTL (Concrete Testing Lab) borrowed $40,000 for new equipment at 12% per year, compounded quarterly. It is to be paid back over 4 years in equal quarterly payments. a. How much interest is in the 6th payment? b. How much principal is in the 6th payment? c. What principal is owed immediately following the 6th payment?
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CTL (Concrete Testing Lab) borrowed $40,000 for new equipment at 12% per year, compounded quarterly. It is to be paid back over 4 years in equal quarterly payments.
a. How much interest is in the 6th payment?
b. How much principal is in the 6th payment?
c. What principal is owed immediately following the 6th payment?
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- CTL (Concrete Testing Lab) borrowed $40,000 for new equipment at 11% per year, compounded quarterly. It is to be paid back over 5 years in equal quarterly payments. What principle is owed immediately following the 6th payment? * Carry all interim calculations t 5 decimal places and then round the final answer to the nearest dollar*A business loan worth $1,000,000 is to be repaid quarterly in 2 years. The interest rate is 10% converted quarterly. a.) How much is the quarterly payment? b.) How much is the total amount paid and total interest? c.) Construct an amortization schedule.Falco Inc. financed the purchase of a machine with a loan at 3.50% compounded semi-annually. This loan will be settled by making payments of $9,100 at the end of every six months for 8 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?
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