The table below shows the first few lines of an amortization schedule for a many-year loan with equal quarterly repayments at the end of each quarter. Unfortunately there are a few numbers missing from the table. They are labelled $W, $X, $Y, $Z, and $P.
t= | Beginning Loan Balance | End of quarter payment | End of quarter interest expense | End of quarter loan paid off | Remaining Loan Balance |
1 | $450,000.00 | $9,081.47 | $5,850.00 | $X | $446,768.53 |
2 | $W | $Y | $Z | $3,273.48 | $443,495.05 |
3 | $443,495.05 | $9,081.47 | $5,765.44 | $3,316.03 | $P |
Which ONE of the following is correct?
A. | The interest expense at the end of quarter two for $Z is $5,850.00 |
B. | The loan paid off of $X at the end of quarter one is $1,072.33 |
C. | The beginning loan amount for $W is $350,000.00 |
D. | The interest expense at the end of quarter two for $Z is $5,807.99 |
E. | The remaining loan balance at the end of third quarter for $P is $443,495.05 |
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