Question

The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.)

$7000, 9 1/2%, 4 years

Answer 1

Month	Payment	Principal	Interest	Balance
1	175.86	120.45	55.42	6879.55
2	175.86	121.40	54.46	6758.16
3	175.86	122.36	53.50	6635.80
4	175.86	123.33	52.53	6512.47
5	175.86	124.30	51.56	6388.16
6	175.86	125.29	50.57	6262.87
7	175.86	126.28	49.58	6136.59
8	175.86	127.28	48.58	6009.31
9	175.86	128.29	47.57	5881.02
10	175.86	129.30	46.56	5751.72
11	175.86	130.33	45.53	5621.39
12	175.86	131.36	44.50	5490.03
13	175.86	132.40	43.46	5357.63
14	175.86	133.45	42.41	5224.19
15	175.86	134.50	41.36	5089.68
16	175.86	135.57	40.29	4954.11
17	175.86	136.64	39.22	4817.47
18	175.86	137.72	38.14	4679.75
19	175.86	138.81	37.05	4540.93
20	175.86	139.91	35.95	4401.02
21	175.86	141.02	34.84	4260.00
22	175.86	142.14	33.73	4117.86
23	175.86	143.26	32.60	3974.60
24	175.86	144.40	31.47	3830.21
25	175.86	145.54	30.32	3684.67
26	175.86	146.69	29.17	3537.97
27	175.86	147.85	28.01	3390.12
28	175.86	149.02	26.84	3241.10
29	175.86	150.20	25.66	3090.89
30	175.86	151.39	24.47	2939.50
31	175.86	152.59	23.27	2786.91
32	175.86	153.80	22.06	2633.11
33	175.86	155.02	20.85	2478.10
34	175.86	156.24	19.62	2321.85
35	175.86	157.48	18.38	2164.37
36	175.86	158.73	17.13	2005.64
37	175.86	159.98	15.88	1845.66
38	175.86	161.25	14.61	1684.41
39	175.86	162.53	13.33	1521.88
40	175.86	163.81	12.05	1358.07
41	175.86	165.11	10.75	1192.96
42	175.86	166.42	9.44	1026.54
43	175.86	167.74	8.13	858.81
44	175.86	169.06	6.80	689.74
45	175.86	170.40	5.46	519.34
46	175.86	171.75	4.11	347.59
47	175.86	173.11	2.75	174.48
48	175.86	174.48	1.38	0