Sam got a car financing where he needs to do 48 monthly payments of $5,448.75 each,...

Sam got a car financing where he needs to do 48 monthly payments of $5,448.75 each, starting the moment he receives the vehicle. Given an annual interest rate of 18.4% compounded monthly:

(a) Calculate the spot price of the car.

(b) Elaborate the amortization schedule.

Expert Solution

note:complete schedule of amortization is practically impossible to calculate with pen paper (in real life ,all banks will prepare this by automation software).so what has to know about amortization ,i explained above.

Colby Messinger answered 2 years ago

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Sam got a car financing where he needs to do 48 monthly payments of $5,448.75 each,...

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