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You have decided to purchase a new car. You plan to take out a loan to pay for the car. The loan amount is $18,900. You will pay an interest rate of 6.5% and plan to pay off the car in 48 months. You want to calculate the total amount of money and the total amount of interest you will pay over the course of the loan. To help you with these calculations, you decide to construct an amortization table. An amortization table provides details about the payment, interest amount, principal amount, and loan balance for every month of the loan. Perform the tasks below to complete the amortization table and loan summary Loan Amount -$18,900.00 Term (months) Interest Rate Payment Period 0 1 2 3 4 56 48 6.50% Payment $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Interest Loan Summary Total Amount Paid Total Interest Paid Verify Interest Calculation Buy new in Period 36? Principal Balance $18,900.00 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 You have decided to purchase a new car. You plan to take out a loan to pay for the car. The loan amount is $18,900. You will pay an interest rate of 6.5% and plan to pay off the car in 48 months. You want to calculate the total amount of money and the total amount of interest you will pay over the course of the loan. To help you with these calculations, you decide to construct an amortization table. An amortization table provides details about the payment, interest amount, principal amount, and loan balance for every month of the loan. Perform the tasks below to complete the amortization table and loan summary Loan Amount -$18,900.00 Term (months) Interest Rate Payment Period 0 1 2 3 4 56 48 6.50% Payment $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Interest Loan Summary Total Amount Paid Total Interest Paid Verify Interest Calculation Buy new in Period 36? Principal Balance $18,900.00 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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