+ + OWV2 Online teach X Assignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Serial Installments; Amounts Applicable to Interest and Principal Ronald McDuffie purchases a new car at a cost of $14,400. He pays $3,000 down and issues an installment note payable by which he promises to pay the balance equal monthly installments, which include Interest at an annual rate of 18% on the remaining unpaid balance at the beginning of each month starting with the first after the purchase Required: 1. Compute the equal installment payments. (Click here to access the time value of money tables to use with this problem.) Round your answer to two decimal places 727.29 2. Compute the interest that will be paid for each of the first two periods. Indicate the amount of each payment that will be a reduction of principal Round your answers to two decimal places Period: Interest Reduction of principal Period 20 Remaining principal balance Interest Reduction or principal II III Check My Work 1 more Check My Work unes remaining Previous Next All work saved Submit Test for Grading + + OWV2 Online teach X Assignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Serial Installments; Amounts Applicable to Interest and Principal Ronald McDuffie purchases a new car at a cost of $14,400. He pays $3,000 down and issues an installment note payable by which he promises to pay the balance equal monthly installments, which include Interest at an annual rate of 18% on the remaining unpaid balance at the beginning of each month starting with the first after the purchase Required: 1. Compute the equal installment payments. (Click here to access the time value of money tables to use with this problem.) Round your answer to two decimal places 727.29 2. Compute the interest that will be paid for each of the first two periods. Indicate the amount of each payment that will be a reduction of principal Round your answers to two decimal places Period: Interest Reduction of principal Period 20 Remaining principal balance Interest Reduction or principal II III Check My Work 1 more Check My Work unes remaining Previous Next All work saved Submit Test for Grading