Unit 4 Types of Credit Name Akilahe Unit 4 ANALYZE: Understanding Amortization Period_Let Janet just graduated from college, has a job she's scheduled to begin in 3 months and has decided to treat herself to 6 weeks of travel across South America before she buckles down and starts working full-time. To do the trip, she's thinking of applying for a personal loan of $3,500, and the bank she uses for her checking and savings account has offered her an interest rate of 24%. She has a goal of paying off the trip within two years, so she uses a loan calculator with a starting date of 2/22/24 and gets the following amortization schedule: Month March 2024 Payment Applied to Principal April 2024 $185.05 Interest $115.05 Total Interest Remaining Balance May 2024 $185.05 $70.00 $70.00 $117.35 $67.70 $3,384.95 $185.05 $137.70 June 2024 $119.70 $185.05 $65.35 $3,267.60 $203.05 July 2024 $122.09 $3,147.90 August 2024 $185.05 $62.96 $266.01 $124.53 $60.52 $3,025.81 $326.53 September 2024 $185.05 $127.02 $2,901.28 $58.03 $185.05 $384.55 $2,774.26 October 2024 $129.56 $55.49 $440.04 $185.05 $2,644.69 November 2024 $132.15 $52.89 $492.93 $185.05 $2,512.54 $134.80 December 2024 $50.25 $543.18 $185.05 $2,377.74 $137.49 $47.55 $590.74 January 2025 $2,240.25 $185.05 $140.24 $44.80 $635.54 $2, 100.00 February 2025 $185.05 $143.05 $42.00 $677.54 $1.956.95 March 2025 $185.05 $145.91 $39.14 $716.68 $1,811.04 April 2025 $185.05 $148.83 $36.22 $752.90 $1,662.22 May 2025 $185.05 $151.80 $33.24 $786.15 $1,510.41 June 2025 $185.05 $154.84 $30.21 $816.35 $1,355. July 2025 $185.05 $157.94 $27.11 $843.46 $1, 197. August 2025 $185.05 $161.10 $23.95 $867.42 $1,03 eptember 2025 $185.05 $164.32 $20.73 $888.15 $8 October 2025 $185.05 $167.60 $17.44 $905.59 $185.05 $170.96 $14.09 $919.68 lovember 2025 $10.67 $930.36 ecember 2025 $185.05 $174.38 January 2026 $185.05 $177.86 $7.19 $937.54 $941.17 ebruary 2026 $185.05 $181.42 $3.63