a) The full loan repayment schedule for the two years is as follows:
<h3>Loan Repayment Schedule:</h3>
Period          PV                   PMT             Interest               FV
1           $3,000.00          $283.68          $60.00          $2,776.32
2           $2,776.32          $283.68          $55.53           $2,548.17
3           $2,548.17           $283.68          $50.96          $2,315.45
4           $2,315.45           $283.68           $46.31         $2,078.08
5          $2,078.08           $283.68           $41.56          $1,835.97
6           $1,835.97           $283.68          $36.72          $1,589.01
Year #1 end
7          $1,589.01           $283.68           $31.78           $1,337.11
8           $1,337.11           $283.68          $26.74           $1,080.17
9           $1,080.17           $283.68          $21.60             $818.10
10            $818.10           $283.68           $16.36           $550.78
11           $550.78           $283.68            $11.02            $278.12
12           $278.12           $283.68            $5.56            $0.00
Year #2 end
b) The balance of the loan at the end of the seventh repayment period is <u>$1,337.11</u>.
c) The total interest paid for this loan is <u>$404.16</u>.
d) If the borrower decides to terminate the loan after the first year, the termination payment should be <u>$1,589.01</u>.
<h3>Data and Calculations:</h3>
N (# of periods) = 12 months (2 x 6)
I/Y (Interest per year) = 12%
PV (Present Value) = K3000
FV (Future Value) = K0
<u>Results</u>:
PMT every two months = $283.68
Sum of all periodic payments = $3,404.16 ($283.68 x 12)
Total Interest	= $404.16
Learn more about loan repayment schedules at brainly.com/question/24576997
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