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Simple interest amortized loan

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Guy dePrimo buys a new car for $9,837.91. He puts 10% down and obtains a simple interest amortized loan for the rest at 8 7/8% interest for four years. (Round all answers to the nearest cent.)

(a) Find his monthly payment.

$219 (correct)

(b) Find the total interest.

$1696.76  (correct)

(c) What would an amortization schedule for the first two months of the loan look like?

Payment Number 0

Balance: $8854.12 (correct)

Payment Number 1

a. Principal Portion ____?

b. Interest Portion ____?

c. Total Payment __219.81__? (correct)

d. Balance_____?

Payment Number 2

a. Principal Portion ____?

b. Interest Portion ____?

c. Total Payment __219.81__? (correct)

d. Balance_____?

Reference no: EM131765347

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