Imelda is making equal-sized monthly payments of $288 on her car loan. She has only 18 payments

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Imelda is making equal-sized monthly payments of $288 on her car loan. She has only 18 payments left. Each month, the portion of her payment that goes to pay interest and the portion that goes to repay principal are different. Why? Is there any pattern to this change in portions? Explain why or why not.

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Financial Accounting Information For Decisions

ISBN: 978-0324672701

6th Edition

Authors: Robert w Ingram, Thomas L Albright

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