Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized loan for the rest at at 11.5% 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. Payment Number Principal Portion Interest Portion Total Payment Balance 0       $ 1 $ $ $ $ 2 $

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
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Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized loan for the rest at at

11.5% 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.
Payment
Number
Principal
Portion
Interest
Portion
Total
Payment
Balance
0       $
1 $ $ $ $
2 $
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