Question: Using the principles from Sidebar 16-3, prepare an amortization schedule for a 60-month car loan with an annual percentage rate of 11% and an initial

Using the principles from Sidebar 16-3, prepare an amortization schedule for a 60-month car loan with an annual percentage rate of 11% and an initial principal of $17,000. The monthly interest rate is based on Eq.(16-4). The loan is originated on January 10, 2009, and the payments are due on the tenth of each month. If the payment date falls on a Saturday or Sunday, then the payment is due the following Monday.

Use the same format as was used in Figure16-3.

Annual Percentage Rate Principal: 20,000.00 Monthly Payment: $635.99 Interest Rate Beginning Monthly Monthly Principa Ending Interest Reduction Principal 20,000.00 635.99 152.88 483.11 19,516.89 3/19/2004 0.0071507 19,516.89 635.99 139.56 496.43 19,020.46 4/19/2004 0.0076438 9,020.46 635.99 145.39 490.60 18,529.86 635.99 137.07 498.92 18.030.94 6/21/2004 0.0081370 18,030.94 635.99 146.72 489.27 17,541.67 7/19/2004 0.0069041 17,541.67 635.99 121 514.88 17,026.79 8/19/2004 0.0076438 17,026.79 635.99 130.15 505.84 16,520.95 635.99 130.36 505.63 16,015.32 10/19/2004 0.0071507 16,015.32 635.99 114.52 521.47 15,493.85 11/19/2004 0.0076438 15,493.85 635.99 118.43 517.56 14,976.29 12/20/2004 0.0076438 14,976.29 635.99 114.48 521.51 14,454.78 1/19/2005 0.0073973 14,454.78 635.99106.93 529.06 13,925.72 2/21/2005 0.0081370 13,925.72 635.99 113.31 522.68 13,403.04 92.54 543.45 12,859.59 4/19/2005 0.0071507 12,859.59 635.99 91.95 544.04 12,315.55 91.10 544.89 11,770.66 6/20/2005 0.0078904 11,770.66 635.99 92.88 543.11 11,227.55 80.28 555.71 10,671.84 81.57554.42 10,117.42 9/19/2005 0.0076438 10,117.42 635.99 77.34 558.65 9,558.77 70.71 565.28 8,993.49 73.18 562.81 8,430.68 58.21 577.78 7,852.90 60.03 575.96 7,276.94 57.42 578.57 6,698.37 46.25 589.74 6,108.63 45.19 590.80 5,517.83 5/19/2006 0.0073973 5,517.83 635.99 40.82 595.17 4,922.66 37.63 598.36 4.324.30 31.99 604.00 3,720.30 8/21/2006 0.0081370 3,720.30 635.99 30.27 605.72 3,114.58 9/19/2006 0.0071507 3,114.58 635.99 22.27 613.72 2,500.86 10/19/2006 0.0073973 2,500.86 635.99 18.50 617.49 1,883.37 14.86 621.131,262.24 635.28 0.0076438 20,000.00 5/9/2004 0.0073973 18.529.86 9/20/2004 0.0078904 16,520.95 3/21/2005 0.0069041 13,403.04 635.99 5/19/2005 0.0073973 12,315.55 635.99 7/19/2005 0.0071507 11,227.55 635.99 8/19/2005 0.0076438 10,671.84 635.99 10/19/2005 0.0073973 11/21/2005 0.0081370 12/19/2005 0.0069041 1/19/2006 0.0076438 0.0078904 3/20/2006 0.0069041 0.0073973 9,558.77 635.99 8,993.49 635.99 8,430.68 7,852.90 635.99 7,276.94 635.99 6,698.37 635.99 6,108.63 635.99 635.99 0.0076438 0.0073973 4,922.66 4,324.30 635.99 635.99 7/19/2006 11/20/2006 0.0078904 12/19/2006 0.0071507 1/19/2007 1,883.37 635.99 1,262.24 635.99 9.03 626.96 4.86 635.28 22,899.79 2,899.79 20,000.00 0.0076438 635.28

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