Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly.
(a) What is the size of the monthly payments?
(b) How much will the loan cost him?
(c) How much will Angelo owe after 18 months?
(d) How much interest will he pay in his 36th payment?
(e) How much of the principal will be repaid by the 48th payment?
(f) Prepare a partial amortization schedule showing details of the first three payments, Payments 24, 25, 26, the last three payments, and totals.