:

Jeff borrowed $$57,800$ from bank to buy an SUV at $3\mathrm{.}9\%$ compounded monthly. Payments of

$$2,056$ are required at the end of every month. Construct a complete amortization schedule in

MS Excel showing the details of all payments and the total.

The schedule needs to have the following headings:

Payment

Number

Amount

Paid Interest Paid

Principal

Repaid

Outstanding

Principal

balance