Homework Answers
| End of Period | Payment Mode | Payment Towards Interest | Payment Towards Principal | Outstanding Principle |
| 0 | $8,000 | |||
| 1 | $1,474.33 | $236.00 | $1,238 | $6,762 |
| 2 | $1,474.33 | $199.47 | $1,275 | $5,487 |
| 3 | $1,474.33 | $161.86 | $1,312 | $4,174 |
| 4 | $1,474.33 | $123.14 | $1,351 | $2,823 |
| 5 | $1,474.33 | $83.28 | $1,391 | $1,432 |
| 6 | $1,474.33 | $42.25 | $1,432 | $0 |
| Loan Amount | $8,000 | |||
| Interest Rate | 5.90% | |||
| Period (Semiannually) | 6 | |||
| Compounding period per year | 2 | |||
| Semiannually Payment | $1,474.33 | (Using excel calculator) | ||
| PMT(Int rate/2,Period,-Loan Amount) | ||||
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