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Nathaniel Pena 4.4 Auto Loans Worksheet

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30 views2 pages

Nathaniel Pena 4.4 Auto Loans Worksheet

homework

Uploaded by

argonathz404
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Auto Loan Payment Schedule

It is the end of March and you have just been approved for a $7,000 auto loan. The interest rate
is 5%, the loan term is for 12 months, you have already made a down payment of $1,000, and
your monthly installment payments are $513.64.

With this information, fill in the payment schedule below (round all answers to the nearest
whole dollar amount). Note that, if done correctly, the balance obtained for March will be less
than $0.50 and can be rounded down to $0.

Payment Date Payment Interest Principal Balance

April $513.64
$25 $489 $5,511
May $513.64
$23 $491 $5,021
June $513.64
$21 $493 $4,528
July $513.64
$19 $495 $4,033
August $513.64
$17 $497 $3,536
September $513.64
$15 $499 $3,037
October $513.64
$13 $501 $2,536
November $513.64
$11 $503 $2,033
December $513.64
$8 $505 $1,528
January $513.64
$6 $507 $1,021
February $513.64
$4 $509 $512
March $513.64
$2 $512 $0
Next Page →
Approximately how much in total interest will you have paid on this car once the loan term is
finished?

well 25 + 23 + 21 + 19 + 17 + 15 + 13 + 11 + 8 + 6 + 4 + 2 = $174

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