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Simple Interest Amortized Loan Formula: P(1+0)nt = pymt (1 +5) 1 (1) Susan Chin buys a car for $12,000. She puts 25% down and obtains

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Simple Interest Amortized Loan Formula: P(1+0)nt = pymt (1 +5)" 1 (1) Susan Chin buys a car for $12,000. She puts 25% down and obtains a simple interest amortized loan for the rest of the amount at 7% for 4 years. (a) Find her monthly payment. (b) Find the total interest. (c) Estimate loan fees if the lender states that APR of the loan is 7.2 %. (d) Fill out first three rows in the Amortization Schedule for the loan. pymt # principle portion interest portion total pymt balance 0 9000 1 2 3

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