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

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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

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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.

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