Barbara Borrowed $12 000

question 88

Essay

Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The loan is amortized with end-of-month payments over five years.
a) Calculate the interest included in the 20th payment.
b) Calculate the principal repaid in the 36th payment.
c) Construct a partial amortization schedule showing the details of the first two payments, the 20th payment, the 36th payment, and the last two payments.
d) Calculate the totals of amount paid, interest paid, and the principal repaid.

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Definitions:

SRY Gene

Located on the Y chromosome in males, this gene codes for a transcription factor that binds to regulatory DNA. At about 5 weeks gestation, it turns on genes that start the production of other proteins responsible for the development of gonads into testes.

Zygotes

The initial cell formed when a new organism is conceived, created by the fusion of sperm and egg cells.

XY Chromosome

The combination of chromosomes characterized as male in humans, where a Y chromosome inherited from the father pairs with an X chromosome from the mother.