Find the amount of monthly payments to pay the loan off

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Reference no: EM132067150

An individual obtains a car loan whim pays $30,000. The loan will he paid off in 3 years, and payments are made monthly. Interest rate on the loan is 7%, and compounding is monthly.

1. Find the amount of monthly payments to pay the loan off. Provide a complete amortization schedule of the loan ( this will entail a long table containing 37 rows).

2. Present your work in detail and explain. Provide references for content. (Excel sheet required).

Reference no: EM132067150

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