Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287 The following table shows the first payment in the amortization schedule. Payment number Loan Amount Payment Interest Principal Remaining Balance 1 12,000 287 ? ? ? Interest: $30 Interest: $8.61 Principal: $278.39 Principal: $257 Remaining Balance: $11,743 Remaining Balance: $ 11,721.61
Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287 The following table shows the first payment in the amortization schedule. Payment number Loan Amount Payment Interest Principal Remaining Balance 1 12,000 287 ? ? ? Interest: $30 Interest: $8.61 Principal: $278.39 Principal: $257 Remaining Balance: $11,743 Remaining Balance: $ 11,721.61
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287
The following table shows the first payment in the amortization schedule.
| Payment number | Loan Amount | Payment | Interest | Principal | Remaining Balance |
| 1 | 12,000 | 287 | ? | ? | ? |
| Interest: $30 |
| Interest: $8.61 |
| Principal: $278.39 |
| Principal: $257 |
| Remaining Balance: $11,743 |
| Remaining Balance: $ 11,721.61 |
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