To help purchase his new car, Alonzo is taking out a $23,000 amortized loan for 6 years at 6.1% annual interest. His monthly payment for this loan is $382 26. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is 12 of a year. Round your answers to the nearest cent. Payment number Interest Principal payment New loan balance раyment %24 1. $40 35 566.99 $31527 $12.863.69 36

To help purchase his new car, Alonzo is taking out a $23,000 amortized loan for 6 years at 6.1% annual interest. His monthly payment for this loan is $382 26. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is 12 of a year. Round your answers to the nearest cent. Payment number Interest Principal payment New loan balance раyment %24 1. $40 35 566.99 $31527 $12.863.69 36

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

See similar textbooks

Similar questions

Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.
Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?
To help purchase his new minivan, Ahmad is taking out a s26,000 amortized loan for 6 years at 5.2% annual interest. His monthly payment for this loan is $421.14. Fill in all the blanks in the amortization schedule for the loan. Assume 1 that each month is of a year. Round your answers to the nearest cent. 12 New loan Payment number Interest Principal payment payment balance 1 2 $25,381.72 25 $78.93 $342.21 $17,873.52 26
To help purchase his new minivan, Eric is taking out a $17,000 amortized loan for 6 years at 5.9% annual interest. His monthly payment for this loan is $280.94. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number 1 2 1 40 41 Interest payment $0 $0 $41.98 Principal payment $0 $0 $238.96 $0 New loan balance $0 $16,604.31 $8299.52 $
To help buy his new townhome, Bill is taking out a s163,000 mortgage loan for 30 years at 3.4% annual interest. His monthly payment for this loan is $722.87. Fill in all the blanks in the amortization schedule for the loan. Assume 1 that each month is of a year. Round your answers to the nearest cent. 12 Interest Payment number Principal New loan payment payment balance 1 $162,477.18 130 $346.85 $376.02 $122,041.32 131
o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31
o help purchase her new car, Nicole is taking out a $34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. ill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 2 $104.91 $455.36 $21,250.60 31 30
To help purchase her new truck, Rita is taking out a $19,000 amortized loan for 6 years at 6.5% annual interest. Her monthly payment for this loan is $319.39. 1 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number 1 2 20 21 Interest payment $1 $ $79.52 $0 Principal payment $0 $0 E $239.87 $0 New loan balance $0 $18,565.88 $14,440.35 $0 X 3
To help buy her new condominium, Mai is taking out a $163,000 mortgage loan for 30 years at 3.4% annual interest. Her monthly payment for this loan is $722.87. of a year. Round your answers to the nearest cent. 12 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is Payment number Principal payment Interest New loan balance payment 1 2 $| $162,477.18 130 $346.85 $376.02 $122,041.32 $ 0 131
To help purchase his new minivan, Miguel is taking out a $23,000 amortized loan for 6 years at 6.1% annual interest. His monthly payment for this loan is $382.26. 1 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 FULL HD Payment number 1 49°F Sunny 2 Esc ⠀ Explanation 1 35 36 1080 F1 Z² Interest payment 2 $ F2 0 SO $ Check $66.99 $0 ((1)) : F3 #3 Principal payment $0 $0 $315.27 $0 F4 $ 4 F5 New loan balance $1 $22,467.97 : $12,863.69 $0 F6 % 5 € ▬▬ ^ 6 I X F7 a S WL F acer F8 & 27 7 7 3 W 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility F9 D * 8 8 F10 X 9 9 PDF/ W& Est F11 F12 NumLk Prt Sc Pause Br + // 181 Aa Insert Delete La E 12:57 PM 11/15/2022 Back
To help buy her new condominium, Maria is taking out a $154,000 mortgage loan for 30 years at 3.7% annual interest. Her monthly payment for this loan is $708.84. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 1 12 Payment number 1 2 1 140 141 Interest payment $ $349.86 $0 Principal payment $358.98 $ New loan balance $0 $153,531.26 $113,108.33 $ ? OO E 4
Wade Ellis buys a new car for $16,177.57. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest.(c) Prepare an amortization schedule for the first two months of the loan. Payment Number PrincipalPortion InterestPortion Total Payment Balance 0 n/A n/A n/A n/A 1 ? ? ? ? 2 ? ? ? ?