Amortization schedule with periodic payments. Moulton Motors is advertising the following deal on a used Honda Accord: "Monthly payments of $699.59 for the next 36 months and this beauty can be yours!" The sticker price of the car is $22,000. If you bought the car, what interest rate would you be paying in both APR and EAR terms? What is the amortization schedule of the first six payments?

If you bought the car, what monthly interest rate would you be paying?

___ % (Round to five decimal places.)

If you bought the car, what annual percentage rate (APR) would you be paying?

____% (Round to two decimal places.)

If you bought the car, what effective annual rate (EAR) would you be paying?

____ % (Round to two decimal places.)

Prepare the amortization schedule for the first six payments of this car loan. What is the interest expense of the loan in month 1?

$_____ (Round to the nearest cent.)

What is the principal reduction of the loan in month 1?

$____ (Round to the nearest cent.)

What is the remaining principal of the loan in month 1?

$_____ (Round to the nearest cent.)

What is the interest expense of the loan in the month 2?

$_____ (Round to the nearest cent.)

What is the principal reduction of the loan in month 2?

$_____ (Round to the nearest cent.)

What is the remaining principal of the loan in month 2?

$_____ (Round to the nearest cent.)

What is the interest expense of the loan in the month 3?

$_____ (Round to the nearest cent.)

What is the principal reduction of the loan in month 3?

$_____ (Round to the nearest cent.)

What is the remaining principal of the loan in month 3?

$_____ (Round to the nearest cent.)

What is the interest expense of the loan in the month 4?

$_____ (Round to the nearest cent.)

What is the principal reduction of the loan in month 4?

$_____ (Round to the nearest cent.)

What is the remaining principal of the loan in month 4?

$_____ (Round to the nearest cent.)

What is the interest expense of the loan in the month 5?

$_____ (Round to the nearest cent.)

What is the principal reduction of the loan in month 5?

$_____ (Round to the nearest cent.)

What is the remaining principal of the loan in month 5?

$_____ (Round to the nearest cent.)

What is the interest expense of the loan in the month 6?

$_____ (Round to the nearest cent.)

What is the principal reduction of the loan in month 6?

$____(Round to the nearest cent.)

What is the remaining principal of the loan in month 6? Note that following this procedure you can complete the amortization schedule for the entire 36 payments of the car loan.

$_____ (Round to the nearest cent.)

Amortization schedule with periodic payments. Moulton Motors is advertising the following deal on a new Honda Civic: "Monthly payments of $699.59 for the next 36 months and this beauty can be yours!" The sticker price of the car is $22,000. If you bought the car, what interest rate would you be paying in both APR and EAR terms? What is the amortization schedule of the first six payments? If you bought the car, what monthly interest rate would you be paying? % (Round to four decimal places.)