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Ted borrowed $5,500 at 3.6% compounded monthly to purchase a used car. Payments of $625 will be made at the end of every month.
Ted borrowed $5,500 at 3.6% compounded monthly to purchase a used car. Payments of $625 will be made at the end of every month. There will also be a final, smaller payment. Construct the full amortization schedule for the loan. How much interest will be paid over the life of the loan? (Do not round the intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment 0 1 SA Interest portion Principal portion 11 $ 69 $ Principal balance $ 5,500.00 2 3 4 5 6 7 8 9 Total
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