## [answered] 1. A debt of \$12,000 is to be amortized by equal payments a

1. A debt of \$12,000 is to be amortized by equal payments at the end ofeach month for five years. Interest is charged at 24% compoundedmonthly.a. What is the size of each payment? (2 marks)b. Construct a partial amortization schedule to show the outstandingprincipal after the second payment. (4 marks)c. What interest and principal is included in the 35th payment?(4 marks)

A debt of \$12,000 is to be amortized by equal payments at the end of each month for five years.

Interest is charged at 24% compounded monthly.

a. What is the size of each payment? (2 marks)

b....

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