Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please This Question: 1 pt 2 of 5 (1 complete) Amortization. Beth has just borrowed $3,700 on a four-year loan at 5% simple interest. Complete

please image text in transcribed
image text in transcribed
This Question: 1 pt 2 of 5 (1 complete) Amortization. Beth has just borrowed $3,700 on a four-year loan at 5% simple interest. Complete the amortization table. for the first five months of the loan. a. The beginning balance of the loan for month 2 is $(Round to the nearest cent.) b. The amount applied to principal in month 2 is $. (Round to the nearest cent.) c. The amount of the monthly payment is $. (Round to the nearest cont) d. The amount applied to interest in month 3 is $. (Round to the nearest cont.) o. The amount applied to interest in month 4 is $(Round to the nearest cont.) 1. For month 4, with a beginning balance of $3,489.75, the new balance is $. (Round to the nearest cent) 9. The amount oppled to principal in month 5 in $(Round to the nearest cont.) h. For month 5, with a beginning balance of $3,419.08, and the amount applied to principal of $70.96, the new balance is $ (Round to the nearest cont.) ar loan at 5% simple interest. Complete the amortization table, for the first five months of Round to the nearest cent.) - X Data Table Click on the icon here in order to copy the contents of the data table below into a preadsheet.) Payment Beginning Payment Applied to Applied to New Number Balance Amount Interest Principal Balance 1 $3,700 $85.21 $15.42 $69.79 $3,630.21 2 $85.21 $15.13 b $3,560.13 3 $3,560.13 d $70.38 $3,489.75 $3,489.75 $85.21 $70.67 f 5 $3,419.08 $85.21 $14.25 g a ht.) OWN h Print Done oxes gdtv ga 888 F1 80 F3 F4 F6 $ %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Estate Finance Theory And Practice

Authors: Terrence M. Clauretie, G. Stacy Sirmans

4th Edition

032414377X, 978-0324143775

More Books

Students also viewed these Finance questions