Biology Forums - Study Force

Monica bought a $1250 stereo system for 20% down and payments of $200 per month (except for a smaller final payment) including interest at 15% compounded monthly. Complete the amortization schedule below. Calculate the total interest charges.

PMT #	Payment ($)	Interest ($)	Principal Reduction ($)	Balance ($)
0	-	-	-
1	200.00			812.50
2	200.00	10.16	189.84	622.66
3	200.00	7.78	192.22	430.44
4	200.00	5.38	194.62	235.82
5	200.00	2.95	197.05	38.77
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