Question
Guy dePrimo buys a new car for $9,837.91 . He puts 10% down and obtains a simple interest amortized loan for the rest at 8
Guy dePrimo buys a new car for$9,837.91. He puts 10% down and obtains a simple interest amortized loan for the rest at87/8%interest for four years. (Round all answers to the nearest cent.)
(a) Find his monthly payment.
$219 (correct)
(b) Find the total interest.
$1696.76 (correct)
(c)What would an amortization schedule for the first two months of the loan look like?
Payment Number 0
Balance: $8854.12 (correct)
Payment Number 1
a. Principal Portion ____?
b. Interest Portion ____?
c. Total Payment __219.81__? (correct)
d. Balance_____?
Payment Number 2
a. Principal Portion ____?
b. Interest Portion ____?
c. Total Payment __219.81__? (correct)
d. Balance_____?
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