Biology Forums - Study Force

Jerry Isaacs went to his credit union to inquire about borrowing $8,000. The credit union told him they could amortize an $8,000 loan over two years with 24 payments of $376.59. The interest rate would be 1% per month on the unpaid balance (12% annual rate). Complete the first two months of the amortization schedule.

			Amortization Schedule
		Unpaid	Interest	Total	Principal	New
	Month	Balance	Payment	Payment	Payment	Balance
a.	1	_________	_________	$376.59	_________	_________
b.	2	_________	_________	$376.59	_________	_________

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