6. You borrow $1000 to pay for a repair on your car to be paid back in 12 months. Your credit isn't in the best condition and you borrow at an APR of 18% compounded monthly. Complete the table below describing the first 4 payments. First, the monthly payment then complete the table below. a. Calculate the monthly payment b. Complete the four - month amortization table below. c. How much interest will you pay in total by the end of the loan? a. calculate tne nY pay b. Complete the four-month amortization table below (2 pts for table) Applied to Balance owed Payment Payment Applied to Interest Outstanding Balance nurber :2

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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6. You borrow $1000 to pay for a repair on your car to be paid back in 12 months. Your credit isn't in the best condition and you borrow at an APR of 18%
compounded monthly. Complete the table below describing the first 4 payments. First, the monthly payment then complete the table below.
a. Calculate the monthly payment
b. Complete the four - month amortization table below.
c. How much interest will you pay in total by the end of the loan?
a. calculate tne nY pay
b. Complete the four-month amortization table below (2 pts for table)
Applied to Balance
owed
Payment
Payment
Applied to Interest
Outstanding Balance
nurber
:2
Transcribed Image Text:6. You borrow $1000 to pay for a repair on your car to be paid back in 12 months. Your credit isn't in the best condition and you borrow at an APR of 18% compounded monthly. Complete the table below describing the first 4 payments. First, the monthly payment then complete the table below. a. Calculate the monthly payment b. Complete the four - month amortization table below. c. How much interest will you pay in total by the end of the loan? a. calculate tne nY pay b. Complete the four-month amortization table below (2 pts for table) Applied to Balance owed Payment Payment Applied to Interest Outstanding Balance nurber :2
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