George Brown College Advanced Mathematics for Business and Management Compute

Question Description

I’m working on a mathematics question and need support to help me understand better.

The debt is amortized by equal payments made at the end of each payment interval. Compute (a) the size of the periodic payments; (b) the outstanding principal at the time indicated; (c) the interest paid by the payment following the time indicated; and (d) the principal repaid by the payment following the time indicated for finding the outstanding principal.

Debt Principal: 17000

Repayment period: 5 years

Payment Interval: 1 month

Interest rate: 12%

Conversion period: Monthly

Outstanding principal: after 6th payment

(a) The size of the periodic payment is?

(b) The outstanding principal after the 6th payment is $?

(d) The principal repaid by the 7th payment is $?

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