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9. You decide to buy a car that costs $5,000. You want to borrow all the money at a 4% (annual) interest rate. You want
9. You decide to buy a car that costs $5,000. You want to borrow all the money at a 4% (annual) interest rate. You want to pay it in 3 years. Find your yearly payment and write it in the table below. a. Fill in the amortization schedule showing how much of each of your monthly payments go to interest and how much to your principal. Principal: $5,000.00 Interest Rate: 4% # of Payments: 3 Schedule of Payments Pmt # Payment Interest Principal Balance $5,000 0 1 2 3
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