How much interest and principal will be paid

Reference no: EM132196841

Question: A friend of yours has borrowed $20,000 to buy a car, with an interest rate 10% compounded monthly. Monthly payments were calculated to be $645.34, and the loan will be paid off over 36 months. How much interest and principal will be paid in the fourth month of this loan? Construct a table to show the interest and the principal payments along with the ending loan balance for the three months.

Reference no: EM132196841

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