The minimum monthly payment on the loan described in Problem 2.1 was $344.56, but there is...

 

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The minimum monthly payment on the loan described in Problem 2.1 was $344.56, but there is (usually) no penalty for overpayment. Recalculate the loan amortization table assuming a monthly payment of $400. a) How many months would it take to pay off the loan with the higher pay- ment? b) What is the total amount paid on the loan? What percent of the total paid went towards interest? Use this table as a reference for the necessary information described in 2.1 Loan Amortization Table Amount Borrowed: $ 33,000.00 APR: Periodic interest Rate: Term: Payments/Year: Payments: Payment Amount: $ 344.56 Principal Payment Before 4.66% per year 0.39% per month 10 years 12 120 Payment 1 $33,000.00 2 $ 32,783.59 3 $ 32,566.34 4 $32,348.25 5 $ 32,129.31 Interest Paid on Payment Principal Principal After Payment $128.15 $ 216.41 $32,783.59 $127.31 $ 217.25 $32,566.34 $126.47 $ $125.62 $ $124.77 $ 218.09 218.94 219.79 $32,348.25 $32,129.31 $31,909.53 The minimum monthly payment on the loan described in Problem 2.1 was $344.56, but there is (usually) no penalty for overpayment. Recalculate the loan amortization table assuming a monthly payment of $400. a) How many months would it take to pay off the loan with the higher pay- ment? b) What is the total amount paid on the loan? What percent of the total paid went towards interest? Use this table as a reference for the necessary information described in 2.1 Loan Amortization Table Amount Borrowed: $ 33,000.00 APR: Periodic interest Rate: Term: Payments/Year: Payments: Payment Amount: $ 344.56 Principal Payment Before 4.66% per year 0.39% per month 10 years 12 120 Payment 1 $33,000.00 2 $ 32,783.59 3 $ 32,566.34 4 $32,348.25 5 $ 32,129.31 Interest Paid on Payment Principal Principal After Payment $128.15 $ 216.41 $32,783.59 $127.31 $ 217.25 $32,566.34 $126.47 $ $125.62 $ $124.77 $ 218.09 218.94 219.79 $32,348.25 $32,129.31 $31,909.53

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Loan Details Amount Borrowed 3300000 APR 466 per year Periodic Interest Rate 039 per month Term 10 y... View the full answer