An automobile loan of $15,000 at 12% APR compounded monthly for 36 months requires equal monthly payments of $498.21. (a) Complete the following table for the first two payment periods as you would expect the bank to calculate the values (show all calculations made below the table): End of Month(n) Interest Payment Repayment of Principal Remaining Loan Balance 0 N/A N/A $15,000 1 $348.21 2 $146.52 b) What is the portion of the prinicple payment to be made in the 23rd month?
An automobile loan of $15,000 at 12% APR compounded monthly for 36 months requires equal monthly payments of $498.21. (a) Complete the following table for the first two payment periods as you would expect the bank to calculate the values (show all calculations made below the table): End of Month(n) Interest Payment Repayment of Principal Remaining Loan Balance 0 N/A N/A $15,000 1 $348.21 2 $146.52 b) What is the portion of the prinicple payment to be made in the 23rd month?
Question
An automobile loan of $15,000 at 12% APR compounded monthly for 36 months requires equal monthly payments of $498.21.
(a) Complete the following table for the first two payment periods as you would expect the bank to calculate the values (show all calculations made below the table):
| End of Month(n) | Interest Payment | Repayment of Principal |
Remaining Loan Balance |
| 0 | N/A | N/A | $15,000 |
| 1 | $348.21 | ||
| 2 | $146.52 |
b) What is the portion of the prinicple payment to be made in the 23rd month?
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