Loan amortization table showing principal-interest payments

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Reference no: EM13805976

The Smiths want to buy a 2014 Nissan Altima for $25,230. Bank of America will charge them a 5.35% annual rate compounded monthly for a 5-year loan.

If the Smith’s can afford a $415 monthly payment, how much do they need to borrow?

How much would the Smiths need for a down payment?

Prepare a loan amortization table showing principal and interest payments required to pay off the loan.

Reference no: EM13805976

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