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Monica bought a $1500 stereo system for 20% down and payments of $240 per month (except for a smaller final payment) including interest at 14%
Monica bought a $1500 stereo system for 20% down and payments of $240 per month (except for a smaller final payment) including interest at 14% compounded monthly. Construct the full amortization schedule for the debt. Calculate the total interest paid. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) |
Payment number | Payment | Interest portion | Principal portion | Principal balance |
0 | -- | -- | -- | $1200.00 |
1 | $ | $ | $ | |
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
Total interest | $ |
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