1.Vincent had to make payments of $1,125.00 every 6 months to settle a $28,000.00 loan that he received at 6.52% compounded semi-annually.

1.Vincent had to make payments of $1,125.00 every 6 months to settle a $28,000.00 loan that he received at 6.52% compounded semi-annually. a. How long did it take to settle the loan? _____years _____months b. What was the interest portion and principal portion of payment number 4? Interest Portion $_____ Round to the nearest cent. Principal $_____ Round to the nearest cent. 2. A loan of $432,000 at 4.62% compounded quarterly was to be settled with month-end payments of $9,500. What will be the balance on the loan at the end of 3 years? $_____ 3. Carlos spent $290,000 to purchase machinery for his factory. He received a loan for the entire amount at 4.32% compounded quarterly and made quarterly payments of $6,625 to settle the loan. a. How long will it take to settle the loan? ____years_____ months b. What was the interest portion and principal portion of payment number 5? Interest Portion $____ Round to the nearest cent. Principal $____ Round to the nearest cent. c. What was the total amount of interest and principal paid by the end of 4 years? Interest Portion $____ Round to the nearest cent. Principal $____ Round to the nearest cent. 4. A loan of $30,900 at 3.73% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years. a. Calculate the size of the periodic payment. $____ Round to the nearest cent. b. Calculate the total interest paid. $____ Round to the nearest cent. 5. A design studio received a loan of $7,800 at 6.60% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? $_____ Round to the nearest cent. b. What was the size of the interest portion on the first payment? $_____ Round to the nearest cent. c. What was the balance of the loan at end of the first year? $_____ Round to the nearest cent. d. What was the size of the interest portion on the last payment? $_____ Round to the nearest cent.