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: _______________________