You are to create a monthly payment schedule for a Compound Interest Car Loan us
ID: 3198054 • Letter: Y
Question
You are to create a monthly payment schedule for a Compound Interest Car Loan using the amortization formula. Again, the loan will be for $5,200 at 4% interest for 60 months. The difference here is that since the loan is being amortized, you should see the effect of interest being charged on only the principal remaining.
Compound Interest Car Loan Amortization Formula
Please insert the correct information in the table based on the assignment directions.
Payment Number
Payment Amount
Interest
Principal
Balance
Payment Number
Payment Amount
Interest
Principal
Balance
Explanation / Answer
Payment Number
Payment amount
Interest
Principle
Balance
1
95.77
17.33
78.44
5,121.57
2
95.7795.77
17.07
78.70
5,042.87
3
95.7795.77
16.81
78.96
4,963.92
4
95.7795.77
16.55
79.22
4,884.70
5
95.7795.77
16.28
79.49
4,805.21
6
95.7795.77
16.02
79.75
4,725.47
7
95.7795.77
15.75
80.02
4,645.45
Payment Number
Payment amount
Interest
Principle
Balance
1
95.77
17.33
78.44
5,121.57
2
95.7795.77
17.07
78.70
5,042.87
3
95.7795.77
16.81
78.96
4,963.92
4
95.7795.77
16.55
79.22
4,884.70
5
95.7795.77
16.28
79.49
4,805.21
6
95.7795.77
16.02
79.75
4,725.47
7
95.7795.77
15.75
80.02
4,645.45
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.