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To buy your Tesla Model 3 you just obtained a 5-year auto loan for $55,000 at a nominal rate of 5.5% but with equal end-of-month
To buy your Tesla Model 3 you just obtained a 5-year auto loan for $55,000 at a nominal rate of 5.5% but with equal end-of-month payments. (a) Write out the first 3 rows of the amortization table for this loan. [Use the exact same format for the table that we used in class.] (b) What percentage of the 3rd monthly payment will go toward the repayment of principal?
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