A $23,240 loan is to be settled by making payments of $6,748 at the end of every three months. The interest is 4.59% compounded annually.
a) Find the number of payments in the term.
N=
b) Fill in the missing values of the amortization schedule below.
Payment No.
0.
1.
2.
3.
4.
Payment Amount PMT.
0
1 $
2 $
3 $
4 $
Interest PortionIRN.
0
1 $
2 $
3 $
4 $
Principal PortionPRN.
0
1 $
2 $
3 $
4 $
Loan BalanceBAL. $23,240
0
1 $
2 $
3 $
4 $