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Wade Ellis buys a new car for $16,341.13. He puts 10% down and obtains a simple interest amortized loan for the rest at 11%
Wade Ellis buys a new car for $16,341.13. He puts 10% down and obtains a simple interest amortized loan for the rest at 11% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. $ (b) Find the total interest. $ (c) Prepare an amortization schedule for the first two months of the loan. Watch it Payment Number Principal Portion 0 1 $ $ 2 $ $ Which Interest Portion Total Payment Balance $ $ $ $
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