Todd purchases a new car or $21, 350. He makes a $6000 down payment and finances the remainder through an amortized loan at an annual interest rate of 7.1%, compounded monthly for 7 years. The monthly payment is $232.42. Complete the first two lines of an amortization schedule for the situation. How is the balance on the first line on the amortization schedule found? Add the amount of the monthly payment to the price of the car. Subtract the amount of the down payment from the price of the car. Add the amount of the down payment to the price of the car. Subtract the amount of the monthly payment from the price of the car. Describe the procedure of completing a line of an amorization schedule. Choose the correct answer below. Place the monthly payment under the payment column. To find the portion applied to interest, multiply the balance by the monthly interest rate. To find the portion applied to principal, subtract the portion applied to interest from the monthly payment. To find the new balance, subtract the portion applied to interest from the balance. Place the monthly payment under the payment column. To find the portion applied to interest, multiply the balance by the monthly interest rate. To find the portion applied to principal, subtract the portion applied to interest from the monthly payment. To find the new balance, subtract the portion applied to interest from the balance. Place the monthly payment under the payment column. To find the portion applied to interest, multiply the balance by the annual interest rate. To find the portion applied to principal, subtract the portion applied to interest from the monthly payment. To find the new balance, subtract the portion applied to interest from the balance. Complete the amortization schedule below