Find the payment necessary to amortize a 4.8% loan of $6700 compounded semiannually with 6 semiannual payments. Find? (a) the payment necessary to amortize the loan and? (b) the total payments and the total amount of interest paid based on the calculated semiannual payments. Then create an amortization table to find? (c) the total payments and total amount of interest paid based upon the amortization table.
a. The semiannual payment needed to amortize this loan is $_______
?(Round to the nearest cent as? needed.)
b. The total amount of the payments is $________
?(Round to the nearest cent as? needed.)
The total amount of interest paid is $_______.
?(Round to the nearest cent as? needed.)
c. The total payment for this loan from the amortization table is $_______
The total interest from the amortization table is $_______