A debt of $33,000 is repaid over 13 years with payments occurring monthly. Interest is 10% compoundedsemi-annually.(a) What is the size of the periodic payment?(b) What is the outstanding principal after payment 81?(c) What is the interest paid on payment 82?(d) How much principal is repaid in payment 82?(a) The size of the periodic payment is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesas needed.)(b) The outstanding principal is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesas needed.)(c) The interest paid is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesas needed.)(d) The principal repaid is $(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesas needed.)

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Answered: A debt of $33,000 is repaid over 13…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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A debt of $33,000 is repaid over 13 years with payments occurring monthly. Interest is 10% compounded semi-annually. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 81? (c) What is the interest paid on payment 82?