The interest rate on a $100,000 loan is 7.2% compounded semiannually. The monthly payments on the loan are $700. Do not round intermediate calculations. Round the PMT and final answers to 2 decimal points. a) Calculate the interest component of Payment 221. b) Calculate the principal component of Payment 156. c) Calculate the final payment.

The interest rate on a $100,000 loan is 7.2% compounded semiannually. The monthly payments on the loan are $700. Do not round intermediate calculations. Round the PMT and final answers to 2 decimal points. a) Calculate the interest component of Payment 221. b) Calculate the principal component of Payment 156. c) Calculate the final payment.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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