PHASE 3 SOLUTION-

PLEASE HELP WITH PHASE 4 AND SHOW ALL WORK- THANK YOU. :)

Phase 3 Payment 1 2 3 4 5 5 6 7 8 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 9 Interest Principle $ 25.00 $ 266.18 $ 23.67 $ 267.51 $ 22.33 $ 268.85 $ 20.99 $ 270.19 $ 19.64 $ 271.54 $ 18.28 $ 272.90 $ 16.91 $ 274.27 $ 15.54 $ 275.64 $ 14.16 $ 277.02 $ 12.78 $ 278.40 $ 11.39 $ 279.79 $ 9.99 $ 281.19 $ 8.58 $ 282.60 $ 7.17 $ 284.01 $ 5.75 $ 285.43 $ 4.32 $ 286.86 $ 2.89 $ 288.29 $ 1.45 $ 289.33 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 291.18 $ 290.78 $ Balance 5,000.00 4,733.82 4,466.31 4,197.46 3,927.27 3,655.73 3,382.83 3,108.56 2,832.92 2,555.90 2,277.50 1,997.71 1,716.52 1,433.92 1,149.91 864.48 577.62 289.33 (0.00) 10 11 12 13 14 15 16 17 18 What would happen if you make additional payment of $20 per month, new payment will be $291.18+$20 = $311.18. Recreate the loan amortization chart as you did in phase 3 with this new payment. stop when you balance goes negative and adjust that final payment so your balance ends at zero. Round all values in the table to the nearest cent. Show all your calculations in the provided boxes. Payment Interest Principal Balance Payment Number $311.18 $5,000.00 1 2. 3 4 5 6 6 7 8 8 9 10 11 12 13 14 15 16 17 18 How much did you save on the total amount paid on the loan by paying an extra $20 per month