Ms. Cressida bought a car for $48,000 exactly three years ago. After making an up-front equity payment of $5,000, she borrowed the rest of the car value from her bank in the form of a five-year loan. She negotiated a loan rate of 2.5% APR with semi-annual compounding. She makes loan payments of an equal dollar amount every two weeks (i.e., biweekly), and her first loan payment was due two weeks after she signed the loan contract. f. Show the amortization schedule (table) for the first five payments and the last five payments in the amortization table provided below. Round your answers in the table to two decimal places.
A2 6 f
6. Ms. Cressida bought a car for $48,000 exactly three years ago. After making an up-front equity payment of $5,000, she borrowed the rest of the car value from her bank in the form of a five-year loan. She negotiated a loan rate of 2.5% APR with semi-annual compounding. She makes loan payments of an equal dollar amount every two weeks (i.e., biweekly), and her first loan payment was due two weeks after she signed the loan contract.
f. Show the amortization schedule (table) for the first five payments and the last five payments in the amortization table provided below. Round your answers in the table to two decimal places.
|
Payment # |
Beginning balance |
Biweekly payment |
Interest payment |
Principal repayment |
Ending balance |
|
1 |
|
|
|
|
|
|
2 |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
4 |
|
|
|
|
|
|
5 |
|
|
|
|
|
|
126 |
|
|
|
|
|
|
127 |
|
|
|
|
|
|
128 |
|
|
|
|
|
|
129 |
|
|
|
|
|
|
130 |
|
|
|
|
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