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The following loan is a simple interest amortized loan with monthly payments. (Round your answers to...

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Finance

The following loan is a simple interest amortized loan withmonthly payments. (Round your answers to the nearest cent.)

$7000, 9 1/2%, 4 years

Answer & Explanation Solved by verified expert
3.7 Ratings (658 Votes)

Month Payment Principal Interest Balance
1 175.86 120.45 55.42 6879.55
2 175.86 121.40 54.46 6758.16
3 175.86 122.36 53.50 6635.80
4 175.86 123.33 52.53 6512.47
5 175.86 124.30 51.56 6388.16
6 175.86 125.29 50.57 6262.87
7 175.86 126.28 49.58 6136.59
8 175.86 127.28 48.58 6009.31
9 175.86 128.29 47.57 5881.02
10 175.86 129.30 46.56 5751.72
11 175.86 130.33 45.53 5621.39
12 175.86 131.36 44.50 5490.03
13 175.86 132.40 43.46 5357.63
14 175.86 133.45 42.41 5224.19
15 175.86 134.50 41.36 5089.68
16 175.86 135.57 40.29 4954.11
17 175.86 136.64 39.22 4817.47
18 175.86 137.72 38.14 4679.75
19 175.86 138.81 37.05 4540.93
20 175.86 139.91 35.95 4401.02
21 175.86 141.02 34.84 4260.00
22 175.86 142.14 33.73 4117.86
23 175.86 143.26 32.60 3974.60
24 175.86 144.40 31.47 3830.21
25 175.86 145.54 30.32 3684.67
26 175.86 146.69 29.17 3537.97
27 175.86 147.85 28.01 3390.12
28 175.86 149.02 26.84 3241.10
29 175.86 150.20 25.66 3090.89
30 175.86 151.39 24.47 2939.50
31 175.86 152.59 23.27 2786.91
32 175.86 153.80 22.06 2633.11
33 175.86 155.02 20.85 2478.10
34 175.86 156.24 19.62 2321.85
35 175.86 157.48 18.38 2164.37
36 175.86 158.73 17.13 2005.64
37 175.86 159.98 15.88 1845.66
38 175.86 161.25 14.61 1684.41
39 175.86 162.53 13.33 1521.88
40 175.86 163.81 12.05 1358.07
41 175.86 165.11 10.75 1192.96
42 175.86 166.42 9.44 1026.54
43 175.86 167.74 8.13 858.81
44 175.86 169.06 6.80 689.74
45 175.86 170.40 5.46 519.34
46 175.86 171.75 4.11 347.59
47 175.86 173.11 2.75 174.48
48 175.86 174.48 1.38 0

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Transcribed Image Text

The following loan is a simple interest amortized loan withmonthly payments. (Round your answers to the nearest cent.)$7000, 9 1/2%, 4 years

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