Question: i need help please Amortization. Beth has just borrowed $14,000 on a four-year loan at 5% simple interest Complete the amortization table for the first
Amortization. Beth has just borrowed $14,000 on a four-year loan at 5% simple interest Complete the amortization table for the first five months of the loan a, The beginning balance of the loan for month 2 is s Round to the nearest cent) b. The amount applied to principal in month 2 is $(Round to the nearest cent.) c The amount of the monthly payment is S. (Round to the nearest cont.) d. The amount applied to interest in month 3 in (Round to the nearest cont) e. The amount applied to interest in month 4 is $) (Round to the nearest cent) 1. For month 4, with a beginning balance of $13,204.46, the new balance is $(Round to the nearest cont.) 9 The amount applied to principal in month 5 in $(Round to the nearest cent) h For month 5, with a beginning balance of $12.937 07, and the amount applied to principal of $268.51, the new balance is $ (Round to the nearest cent) Data Table Payment Number Beginning Balance $14.000 Payment Amount $322.41 $322.41 $322 41 5322 41 Applied to Interest $58 33 $57 23 d 2 3 4 5 Applied to Principal $264.08 b 5266,28 $26739 g New Balance $13,735.92 $13.470.76 51320446 En $13,470 74 $13,204.46 512 93707 $53.90 h 1
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
