Consider a loan of

$8000

with an APR of

9%

and a loan term of

10

years. Complete parts (a) through (c) below.

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Part 1

a. Use technology to construct a table showing the interest payment and loan balance after each month. Verify that, with monthly payments of

$101.34,

the loan balance reaches $0 after

120

months.

(Do not round until the final answer. Then round to the nearest cent as needed.)

Month	Interest	Principal	Balance
0			$8000.00
1	$6060	$41.3441.34	$7958.667958.66
2	$59.6959.69	$41.6541.65	$7917.017917.01
...	...	...	...
119
120