Question: 1. Monica bought a $1500 stereo system for 20% down and payments of $240 per month (except for a smaller final payment) including interest at
| 1. Monica bought a $1500 stereo system for 20% down and payments of $240 per month (except for a smaller final payment) including interest at 14% compounded monthly. Construct the full amortization schedule for the debt. Calculate the total interest paid. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) |
| Payment number | Payment | Interest portion | Principal portion | Principal balance |
| 0 | -- | -- | -- | $1200.00 |
| 1 | $ | $ | $ | |
| 2 | ||||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| Total interest | $ |
2.
| For a $450 000 mortgage at j2 = 4.4% amortized over 25 years, determine: (Do not round intermediate calculations. Round your answers to 2 decimal places.) |
| a) | the level monthly payment required | $ |
| b) | the outstanding balance just after the 48th payment | $ |
| c) | the principal portion of the 49th payment | $ |
| d) | the total interest paid in the first 48 payments | $ |
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