You have decided to purchase a new car. You plan to take out a loan to pay for t

Question

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 calculations. Loan Amount -$18,900.00 Loan Summary Term (months) 48 Total Amount Paid Interest Rate 6.50% Total Interest Paid SUM Check Calculation Payment Buy new in Period 36? Period Payment Interest Principal Balance 0 $18,900.00 1 $0.00 2 $0.00 3 $0.00 4 $0.00 5 $0.00 6 $0.00 7 $0.00 8 $0.00 9 $0.00 10 $0.00 11 $0.00 12 $0.00 13 $0.00 14 $0.00 15 $0.00 16 $0.00 17 $0.00 18 $0.00 19 $0.00 20 $0.00 21 $0.00 22 $0.00 23 $0.00 24 $0.00 25 $0.00 26 $0.00 27 $0.00 28 $0.00 29 $0.00 30 $0.00 31 $0.00 32 $0.00 33 $0.00 34 $0.00 35 $0.00 36 $0.00 37 $0.00 38 $0.00 39 $0.00 40 $0.00 41 $0.00 42 $0.00 43 $0.00 44 $0.00 45 $0.00 46 $0.00 47 $0.00 48 $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 calculations. Loan Amount -$18,900.00 Loan Summary Term (months) 48 Total Amount Paid Interest Rate 6.50% Total Interest Paid SUM Check Calculation Payment Buy new in Period 36? Period Payment Interest Principal Balance 0 $18,900.00 1 $0.00 2 $0.00 3 $0.00 4 $0.00 5 $0.00 6 $0.00 7 $0.00 8 $0.00 9 $0.00 10 $0.00 11 $0.00 12 $0.00 13 $0.00 14 $0.00 15 $0.00 16 $0.00 17 $0.00 18 $0.00 19 $0.00 20 $0.00 21 $0.00 22 $0.00 23 $0.00 24 $0.00 25 $0.00 26 $0.00 27 $0.00 28 $0.00 29 $0.00 30 $0.00 31 $0.00 32 $0.00 33 $0.00 34 $0.00 35 $0.00 36 $0.00 37 $0.00 38 $0.00 39 $0.00 40 $0.00 41 $0.00 42 $0.00 43 $0.00 44 $0.00 45 $0.00 46 $0.00 47 $0.00 48 $0.00

Explanation / Answer

Date Payment Interest Principal Balance 0 $18,900 1 $448 $102 $346 $18,554 2 $448 $101 $348 $18,206 3 $448 $99 $350 $17,857 4 $448 $97 $351 $17,505 5 $448 $95 $353 $17,152 6 $448 $93 $355 $16,797 7 $448 $91 $357 $16,439 8 $448 $89 $359 $16,080 9 $448 $87 $361 $15,719 10 $448 $85 $363 $15,356 11 $448 $83 $365 $14,991 12 $448 $81 $367 $14,624 13 $448 $79 $369 $14,255 14 $448 $77 $371 $13,884 15 $448 $75 $373 $13,511 16 $448 $73 $375 $13,136 17 $448 $71 $377 $12,759 18 $448 $69 $379 $12,380 19 $448 $67 $381 $11,999 20 $448 $65 $383 $11,615 21 $448 $63 $385 $11,230 22 $448 $61 $387 $10,843 23 $448 $59 $389 $10,453 24 $448 $57 $392 $10,062 25 $448 $55 $394 $9,668 26 $448 $52 $396 $9,272 27 $448 $50 $398 $8,874 28 $448 $48 $400 $8,474 29 $448 $46 $402 $8,072 30 $448 $44 $404 $7,667 31 $448 $42 $407 $7,261 32 $448 $39 $409 $6,852 33 $448 $37 $411 $6,441 34 $448 $35 $413 $6,027 35 $448 $33 $416 $5,612 36 $448 $30 $418 $5,194 37 $448 $28 $420 $4,774 38 $448 $26 $422 $4,351 39 $448 $24 $425 $3,927 40 $448 $21 $427 $3,500 41 $448 $19 $429 $3,071 42 $448 $17 $432 $2,639 43 $448 $14 $434 $2,205 44 $448 $12 $436 $1,769 45 $448 $10 $439 $1,330 46 $448 $7 $441 $889 47 $448 $5 $443 $446 48 $448 $2 $446 $0

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