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Monica bought a $1250 stereo system for 20% down, with the balance to be paid with interest at 15% ...

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Monica bought a $1250 stereo system for 20% down, with the balance to be paid with interest at 15% ...

Monica bought a $1250 stereo system for 20% down, with the balance to be paid with interest at 15% compounded monthly in six equal monthly payments. Complete the amortization schedule below. Calculate the total interest paid.

PMT #	Payment ($)	Interest ($)	Principal Reduction ($)	Balance ($)
0	-	-	-
1		12.50		838.47
2		10.48	1635.55	674.92
3		8.44	165.59	509.33
4		6.37	167.66	341.67
5		4.27	169.76	171.91
6

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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