Question: Using the partial amortization table below, answer the following questions. 1. What is the loan amount (principal), the interest rate, and the term of the

Using the partial amortization table below, answer the following questions.

Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator

$34,700.00 3.79% 6 $539.57 Month Payment Principal Interest Total Interest Balance $34,700.00

1. What is the loan amount (principal), the interest rate, and the term of the loan?
2. How much is the monthly payment?

3. How much remaining balance is there after the payment in month 20 ?
4. How much was the interest in payment 5?
5. What is the total of the interest paid after payment 24 ?
6. What happens to the amount paid to the principal each month?

Loan Amount Interest Rate (annual) Term (Years) Monthly Payment Amortization Schedule Calculator $34,700.00 3.79% 6 $539.57 Month Payment Principal Interest Total Interest Balance $34,700.00 1 $539.57 $429.98 $109.59 $109.59 $34,270.02 2 $539.57 $431.34 $108.24 $217.83 $33,838.68 3 $539.57 $432.70 $106.87 $324.70 $33,405.98 st 4 $539.57 $434.07 $105.51 $430.21 $32,971.92 5 $539.57 $435.44 $104.14 $534.35 $32,536.48 69 $539.57 $436.81 $102.76 $637.11 $32,099.66 7 $539.57 $438.19 $101.38 $738.49 $31,661.47 8 $539.57 $439.58 $100.00 $838.49 $31,221.90 9 $539.57 $440.96 $98.61 $937.10 $30,780.93 10 $539.57 $442.36 $97.22 $1,034.31 $30,338.57 11 $539.57 $443.75 $95.82 $1,130.13 $29,894.82 12 $539.57 $445.16 $94.42 $1,224.55 $29,449.66 13 $539.57 $446.56 $93.01 $1,317.56 $29,003.10 14 $539.57 $447.97 $91.60 $1,409.16 $28,555.13 15 5 $539.57 $449.39 $90.19 $1,499.35 $28,105.74 16 $539.57 $450.81 $88.77 $1,588.12 $27,654.93

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