Wade Ellis buys a new car for $16,168.37. 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. Payment Number Principal Portion Interest Portion Total Payment Balance 0       $  1 $  $  $  $  2 $  $  $  $

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A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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