An automobile loan of $16,000 at a nominal rate of 8% compounded monthly for 48 months requires equal end-of-month payments of $390.61. Complete the table
An automobile loan of $16,000 at a nominal rate of 8% compounded monthly for 48 months requires equal end-of-month payments of $390.61. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) End of Month Interest Payment Repayment of Remaining Loan (n) Principal Balance $15,716.06
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