Today is July 1, 2000. Youve just borrowed $10,000 to purchase a car. The terms of the loan are 6% APR with monthly compounding. Its an exceptionally short-term loan only 6 months total in duration. In addition, youll only make payments 2, 4, and 6 months from today. The first payment will be $30. The second payment (made 4 months from today) will be $300. part a Determine the size of the last payment (made 6 months from today).Complete section in chart for part b, c and d for answer

Complete the amortization schedule given below. What is the value for Part B (labeled below)? If you know a bit of Excel, you can easily complete the spreadsheet. If you don't know Excel, it's easy to do the computations by hand. This is an excellent exercise for building intuition. FYI: As a check, after you fill out the entire grid, your answer for Question 14 (the size of the last payment), will occur in the last row (just to the left of "Part D")