The time has come for you to purchase a car. After years of saving, you are ready
Question:
The time has come for you to purchase a car. After years of saving, you are ready to find the car of your dreams. You have a down payment and now wish to develop an amortization schedule so you can plan your payments. You hope to borrow no more than $26,000. Interest rates are low, but may soon be rising. Because you are not sure how long it will take to find the right car, you wish to examine several different payment plans. You hope to pay off the loan in 5years. Develop a worksheet that will show the monthly payment, the beginning and ending balance for each year of the loan, the annual cost of the loan, and the annual interest paid for each year of the loan.
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones