Le 5 gu car shopping. You see a $16,500 automobile and it simply has to...
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Le 5 gu car shopping. You see a $16,500 automobile and it simply has to be yours. You finance the loan after placing $5000 down with 48 equal payments. The bank approved you for a 6% interest rate, compounded monthly 10) [6] What is your monthly payment? 11) [6] Complete the first two rows of the amortization table for this car loan. Balance Amount of Payment Interest for Period Portion to Principal Principal at end of Period Now, let's go house shopping. After a down payment of $20,000, you are approved to borrow $160,000 to purchase a home at an annual interest rate of 5%. 12) [3] Use the chart in the book (chapter 12) to determine your monthly payment for a 30-year mortgage. 13) [5] Find your (annual) property taxes if the assessment rate in the township is 50% and the tax rate based on assessed value is 30 mils. (Note: The value of the home is $180,000)
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