Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple...
Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2
(a) Find his monthly payment. interest for four years. (Round
your answers to the nearest cent.)
(b) Find the total interest.
(c) Prepare an amortization schedule for the first two months of
the loan.
|
Payment Number |
Principal Portion |
Interest Portion |
Total Payment |
Balance |
|---|---|---|---|---|
| 0 | $ | |||
| 1 | $ | $ | $ | $ |
| 2 | $ | $ | $ | $ |
Homework Answers
1.
Monthly payment=$378.87
2.
Total interest=378.87*12*4-16135.79*(1-10%)=3663.549
3.
| Payment | Loan beginning balance | Payment | Interest payment | Principal payment | Loan ending balance |
| 1 | 14522.211 | $378.87 | $139.17 | $239.70 | $14,282.51 |
| 2 | $14,282.51 | $378.87 | $136.87 | $242.00 | $14,040.52 |
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