Wade Ellis buys a new car for $16,117.21. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1 2 % interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $

Wade Ellis buys a new car for $16,117.21. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1 2 % interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...

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Payment Number	Principal Portion	Interest Portion	Total Payment	Balance
0				$
1	$	$	$	$
2	$	$	$	$