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8. A $28,250 loan at 9 compounded quarterly is repaid by monthly pay.pdf

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8. A $28,250 loan at 9% compounded quarterly is repaid by monthly payments over five years. a. What is the amount of the final payment? b. Calculate the principal and interest portions of the payments in the final year. 15 marks (7.5 for each).

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8. A $28,250 loan at 9% compounded quarterly is repaid by monthly payments over five years. a. What is the amount of the final payment? b. Calculate the principal and interest portions of the payments in the final year. 15 marks (7.5 for each)

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