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Home Q & A Board Science-Related Homework Help Mathematics
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spiderman13 spiderman13
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2 months ago
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
  
  UnpaidInterestTotalPrincipalNew
 
Month
BalancePaymentPaymentPaymentBalance
a.
1
__________________$376.59__________________
b.
2
__________________$376.59__________________
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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davisdiamonddavisdiamond
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More solutions for this book are available here

 UnpaidInterestPrincipalNew
 BalancePaymentPaymentBalance
a.$8,000.00$80.00$296.59$7,703.41
b.$7,703.41$77.03$299.56$7,403.85
1

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2 months ago
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