Use the amortization table to answer parts a - c. a. Determine how much interest is paid in the first 4 months of the loan. b. Determine how much of the 9th payment is interest. c. Determine how much of the 7th payment is used to reduce the debt. Click the icon to view the amortization table. a. The interest paid in the first 4 months of the loan was $ (Type an integer or a decimal.) b. Of the 9th payment, $is interest. (Type an integer or a decimal.) c. Of the 7th payment, $is used to reduce the debt. (Type an integer or a decimal.)
Use the amortization table to answer parts a - c. a. Determine how much interest is paid in the first 4 months of the loan. b. Determine how much of the 9th payment is interest. c. Determine how much of the 7th payment is used to reduce the debt. Click the icon to view the amortization table. a. The interest paid in the first 4 months of the loan was $ (Type an integer or a decimal.) b. Of the 9th payment, $is interest. (Type an integer or a decimal.) c. Of the 7th payment, $is used to reduce the debt. (Type an integer or a decimal.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Use the amortization table to answer parts a - c.
a. Determine how much interest is paid in the first 4 months of the loan.
b. Determine how much of the 9th payment is interest.
c. Determine how much of the 7th payment is used to reduce the debt.
Click the icon to view the amortization table.
a. The interest paid in the first 4 months of the loan was
(Type an integer or a decimal.)
b. Of the 9th payment, $is interest.
(Type an integer or a decimal.)
c. Of the 7th payment, $is used to reduce the debt.
(Type an integer or a decimal.)
Amortization Table
Payment
Number
0
1
2
3
4
5
6
7
8
9
10
11
12
Amount of
Payment
$387.30
$387.30
$387.30
$387.30
$387.30
$387.30
$387.30
$387.30
$387.30
$387.30
$387.30
$387.29
Amortization Table
Interest
for Period
$22.50
$20.68
$18.84
$17.00
$15.15
$13.29
$11.42
$9.54
$7.65
$5.75
$3.84
$1.93
Portion to
Principal
$364.80
$366.62
$368.46
$370.30
$372.15
$374.01
$375.88
$377.76
$379.65
$381.55
$383.46
$385.36
Principal at
End of Period
$4500.00
$4135.20
$3768.58
$3400.12
$3029.82
$2657.67
$2283.66
$1907.78
$1530.02
$1150.37
$768.82
$385.36
$0.00
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