(break down the math for me)

Elena only had to make a down payment of $5,000 for the new truck. The dealer financed the remaining amount of $40,000 on a 3-year installment note at 5% interest. Elena drove out of the dealership on the first day of the year with a gleaming new truck.

Use the Entry menus below to select the amounts that should appear in the Annual Loan Payment Table.

ANNUAL LOAN PAYMENT TABLE
YEAR	BEGINNING BALANCE	PAYMENT	INTEREST	PRINCIPAL	ENDING BALANCE
1	40,000	14,688.34	Entry 1	Entry 2	Entry 3
2	Entry 4	14,688.34	Entry 5	Entry 6	13,988.90
3	13,988.90	14,688.34	699.44	13,988.90	-
TOTAL		44,065.03		40,000.00