Question 12
The annual interest rate and a line of an amortization schedule for a loan are given.
Complete the next line of the schedule. Assume that payments are made monthly.
Annual
Paid on
Interest
Payment Interest Paid
Balance
Principal
Rate
Month 1 6.5%
$65.89
not relevant not relevant $429.52
Month 2 (A)
(B)
(C)
(D)
(E)
Type your answers for the specific parts of the table in the answer blanks below:
Type answers for the Payment, Interest Paid, Paid on Principal, and Balance to the
nearest cent. Do NOT type any symbols or spaces. ROUND CAREFULLY.
A) Annual Interest Rate:
B) Payment:
C) Interest Paid:
D) Paid on Principal:
E) Balance:
10 pts
