To help purchase his new minivan, Ahmad is taking out a s26,000 amortized loan for 6 years at 5.2% annual interest. His monthly payment for this loan is s421.14. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Interest Principal payment New loan payment balance 1 2 $25,381.72
To help purchase his new minivan, Ahmad is taking out a s26,000 amortized loan for 6 years at 5.2% annual interest. His monthly payment for this loan is s421.14. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Interest Principal payment New loan payment balance 1 2 $25,381.72
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Question
![To help purchase his new minivan, Ahmad is taking out a s26,000
amortized loan for 6 years at 5.2% annual interest. His monthly payment
for this loan is $421.14.
Fill in all the blanks in the amortization schedule for the loan. Assume
1
that each month is
of a year. Round your answers to the nearest cent.
12
New loan
Payment
number
Interest
Principal
payment
payment
balance
1
2
$25,381.72
25
$78.93
$342.21
$17,873.52
26](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F424746dd-29d3-476a-868c-5a06ada19580%2F4998c0cd-e3d0-4555-98f7-9f0e3b8096a7%2Fpstew37_processed.jpeg&w=3840&q=75)
Transcribed Image Text:To help purchase his new minivan, Ahmad is taking out a s26,000
amortized loan for 6 years at 5.2% annual interest. His monthly payment
for this loan is $421.14.
Fill in all the blanks in the amortization schedule for the loan. Assume
1
that each month is
of a year. Round your answers to the nearest cent.
12
New loan
Payment
number
Interest
Principal
payment
payment
balance
1
2
$25,381.72
25
$78.93
$342.21
$17,873.52
26
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