Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. find the monthly payment and estimate the remainin

Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on...

Free

90.2K

Verified Solution

Question

Finance

Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.

30-year car loan for $235,000 at 3.21%; remaining balance after20 years.

Answer & Explanation Solved by verified expert
3.8 Ratings (333 Votes)

MONTHLY PAYMENTS = 1017.58

P = Regular Payments
PV = Loan Amount
r = rate of interest
n = no of periods
P = r (PV)
1 - (1 + r )-n
P = (3.21%/12)*235000
1 - (1 / (1 + 3.21%/12)^360))
P = 628.625
0.617762937
P = 1017.58
BALANCE AFTER 20 YEARS (240 EMI) = $104,332.03
Beginning Balance Interest Principal Ending Balance
1 $235,000.00 $628.63 $388.96 $234,611.04
2 $234,611.04 $627.58 $390.00 $234,221.04
3 $234,221.04 $626.54 $391.04 $233,830.00
4 $233,830.00 $625.50 $392.09 $233,437.91
5 $233,437.91 $624.45 $393.14 $233,044.78
6 $233,044.78 $623.39 $394.19 $232,650.59
7 $232,650.59 $622.34 $395.24 $232,255.35
8 $232,255.35 $621.28 $396.30 $231,859.05
9 $231,859.05 $620.22 $397.36 $231,461.69
10 $231,461.69 $619.16 $398.42 $231,063.26
11 $231,063.26 $618.09 $399.49 $230,663.78
12 $230,663.78 $617.03 $400.56 $230,263.22
Year #1 End
13 $230,263.22 $615.95 $401.63 $229,861.59
14 $229,861.59 $614.88 $402.70 $229,458.89
15 $229,458.89 $613.80 $403.78 $229,055.11
16 $229,055.11 $612.72 $404.86 $228,650.25
17 $228,650.25 $611.64 $405.94 $228,244.30
18 $228,244.30 $610.55 $407.03 $227,837.27
19 $227,837.27 $609.46 $408.12 $227,429.15
20 $227,429.15 $608.37 $409.21 $227,019.94
21 $227,019.94 $607.28 $410.30 $226,609.64
22 $226,609.64 $606.18 $411.40 $226,198.24
23 $226,198.24 $605.08 $412.50 $225,785.74
24 $225,785.74 $603.98 $413.61 $225,372.13
Year #2 End
25 $225,372.13 $602.87 $414.71 $224,957.42
26 $224,957.42 $601.76 $415.82 $224,541.60
27 $224,541.60 $600.65 $416.93 $224,124.66
28 $224,124.66 $599.53 $418.05 $223,706.61
29 $223,706.61 $598.42 $419.17 $223,287.44
30 $223,287.44 $597.29 $420.29 $222,867.16
31 $222,867.16 $596.17 $421.41 $222,445.74
32 $222,445.74 $595.04 $422.54 $222,023.20
33 $222,023.20 $593.91 $423.67 $221,599.53
34 $221,599.53 $592.78 $424.80 $221,174.73
35 $221,174.73 $591.64 $425.94 $220,748.79
36 $220,748.79 $590.50 $427.08 $220,321.71
Year #3 End
37 $220,321.71 $589.36 $428.22 $219,893.48
38 $219,893.48 $588.22 $429.37 $219,464.12
39 $219,464.12 $587.07 $430.52 $219,033.60
40 $219,033.60 $585.91 $431.67 $218,601.93
41 $218,601.93 $584.76 $432.82 $218,169.11
42 $218,169.11 $583.60 $433.98 $217,735.13
43 $217,735.13 $582.44 $435.14 $217,299.99
44 $217,299.99 $581.28 $436.31 $216,863.68
45 $216,863.68 $580.11 $437.47 $216,426.21
46 $216,426.21 $578.94 $438.64 $215,987.57
47 $215,987.57 $577.77 $439.82 $215,547.75
48 $215,547.75 $576.59 $440.99 $215,106.76
217 $121,476.75 $324.95 $692.63 $120,784.12
218 $120,784.12 $323.10 $694.49 $120,089.64
219 $120,089.64 $321.24 $696.34 $119,393.29
220 $119,393.29 $319.38 $698.21 $118,695.09
221 $118,695.09 $317.51 $700.07 $117,995.01
222 $117,995.01 $315.64 $701.95 $117,293.07
223 $117,293.07 $313.76 $703.82 $116,589.24
224 $116,589.24 $311.88 $705.71 $115,883.54
225 $115,883.54 $309.99 $707.59 $115,175.94
226 $115,175.94 $308.10 $709.49 $114,466.45
227 $114,466.45 $306.20 $711.39 $113,755.07
228 $113,755.07 $304.29 $713.29 $113,041.78
Year #19 End
229 $113,041.78 $302.39 $715.20 $112,326.59
230 $112,326.59 $300.47 $717.11 $111,609.48
231 $111,609.48 $298.56 $719.03 $110,890.45
232 $110,890.45 $296.63 $720.95 $110,169.50
233 $110,169.50 $294.70 $722.88 $109,446.62
234 $109,446.62 $292.77 $724.81 $108,721.80
235 $108,721.80 $290.83 $726.75 $107,995.05
236 $107,995.05 $288.89 $728.70 $107,266.36
237 $107,266.36 $286.94 $730.65 $106,535.71
238 $106,535.71 $284.98 $732.60 $105,803.11
239 $105,803.11 $283.02 $734.56 $105,068.55
240 $105,068.55 $281.06 $736.52 $104,332.03
Year #20 End

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.30-year car loan for $235,000 at 3.21%; remaining balance after20 years.

Other questions asked by students

Q

Question 10 Points 3 How many meters are there in 2 megameters O 2 106...

Biology
Q

Based on the tree below identify the false statement Salamander Lizard Goat C The lineage...

Biology
Q

A 3 kg block is being pushed on a rough floor by a 2 N...

Physics
Q

A line passes through point (4, 2) and has a slope of -3/2Write an equation...

Basic Math
Q

Which of the answer choices given below is an equivalent expression for sin (3x) that...

Basic Math
Q

Solve the system of equations below by graphing and write the solution as an ordered...

Algebra
Q

In triangle RST, angle S is a right angle, RS = 24 and cos R...

Algebra
Q

please do require the first few are just pics for info. #9 ...

Accounting
Q

On January 1, McNeil Company borrows $121,000 cash by signing a four-year, 9% installment note....

Accounting
Q

Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month...

Accounting
Q

Subject - Human Resources Management Topic- Training and development review all the positions you have...

Finance
Q

Exercise 23-13(Static) Special offer pricing LO P7 Farrow Company reports the following annual results....

Accounting