Ross borrowed $20000 in a secured line of credit to finish his basement. The loan had an annual rate of 4.35% compounded semi-annually and he wanted… Ross borrowed $20000 in a secured line of credit

  

Ross borrowed $20000 in a secured line of credit to finish his basement. The loan had an annual rate of 4.35% compounded semi-annually and he wanted… Ross borrowed $20000 in a secured line of credit to finish his basement. The loan had an annual rate of 4.35% compounded semi-annually and he wanted to pay it off in four years. What would his payments be if he paid: (use your financial application and fill in the appropriate inputs) a. monthly N  ________ I%  _________ PV  ________ PMT  __________ FV  ________ P / Y  ________ C / Y  _________ b. bi-weekly N  ________ I%  _________ PV  ________ PMT  __________ FV  ________ P / Y  ________ C / Y  _________ c. weekly N  ________ I%  _________ PV  ________ PMT  __________ FV  ________ P / Y  ________ C / Y  _________ d. Design a spreadsheet to calculate the interest he would have paid with each repayment option. Monthly repayments: _______________________ Bi-Weekly repayments: _______________________ Weekly repayments: _______________________

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