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You have a new 10 year Student loan for $14,500.00 that charges an interest rate of 6.35% compounded monthly. The Amortization Table below shows your activity for the first month's payment. Fill in The Interest Payment, Principle Payment, and New Balance after you make the second Payment in Month 2 Payment Payment Interest Payment Principle Payment New Balance amount $14,500.00 $163.54 $76.73 $86.81 $14.413.19 2 $163.54

You have a new 10 year Student loan for $14,500.00 that charges an interest rate of 6.35% compounded monthly. The Amortization Table below shows your activity for the first month's payment. Fill in The Interest Payment, Principle Payment, and New Balance after you make the second Payment in Month 2 Payment Payment Interest Payment Principle Payment New Balance amount $14,500.00 $163.54 $76.73 $86.81 $14.413.19 2 $163.54

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You have a new 10 year Student loan for $14,500.00 that charges an interest rate of 6.35% compounded monthly. The Amortization Table below shows your activity for the first month's payment. Fill in The Interest Payment, Principle Payment, and New Balance after you make the second Payment in Month 2 Payment %23 Payment Interest Payment Principle Payment New Balance amount $14,500.00 1 $163.54 $76.73 $86.81 $14.413.19 2 $163.54
Transcribed Image Text:You have a new 10 year Student loan for $14,500.00 that charges an interest rate of 6.35% compounded monthly. The Amortization Table below shows your activity for the first month's payment. Fill in The Interest Payment, Principle Payment, and New Balance after you make the second Payment in Month 2 Payment %23 Payment Interest Payment Principle Payment New Balance amount $14,500.00 1 $163.54 $76.73 $86.81 $14.413.19 2 $163.54
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A Loan amortization schedule or table gives the information about total monthly payment, interest payment and principal payment, remaining loan balance etc. using amortization schedule you can know how much interest and principal are paid out of your total monthly payment.

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