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Chapter 5, Solutions        Cornett, Adair, and Nofsinger

The second case is to take the $1,000 cash back, apply it to the purchase and finance only $19,000 through your credit union at 7%.  The payment under this scenario would be:

The lower payment represents the more advantageous scenario that you should choose, electing the 2% financing through the car dealer.

LG95-43 Amortization Schedule Create the amortization schedule for a loan of $15,000, paid monthly over 3 years using a 9 percent APR.  

Month

Beginning Balance

Total Payment

Interest Paid

Principal Paid

Ending Balance

1

$15,000.00

$477.00

$112.50

$364.50

$14,635.50

2

14,635.50

477.00

109.77

367.23

14,268.27

3

14,268.27

477.00

107.01

369.98

13,898.29

4

13,898.29

477.00

104.24

372.76

13,525.53

5

13,525.53

477.00

101.44

375.55

13,149.98

6

13,149.98

477.00

98.62

378.37

12,771.61

7

12,771.61

477.00

95.79

381.21

12,390.40

8

12,390.40

477.00

92.93

384.07

12,006.33

9

12,006.33

477.00

90.05

386.95

11,619.38

10

11,619.38

477.00

87.15

389.85

11,229.53

11

11,229.53

477.00

84.22

392.77

10,836.76

12

10,836.76

477.00

81.28

395.72

10,441.03

13

10,441.03

477.00

78.31

398.69

10,042.35

14

10,042.35

477.00

75.32

401.68

9,640.67

15

9,640.67

477.00

72.31

404.69

9,235.98

16

9,235.98

477.00

69.27

407.73

8,828.25

17

8,828.25

477.00

66.21

410.78

8,417.47

18

8,417.47

477.00

63.13

413.86

8,003.60

19

8,003.60

477.00

60.03

416.97

7,586.63

20

7,586.63

477.00

56.90

420.10

7,166.54

21

7,166.54

477.00

53.75

423.25

6,743.29

22

6,743.29

477.00

50.57

426.42

6,316.87

23

6,316.87

477.00

47.38

429.62

5,887.25

24

5,887.25

477.00

44.15

432.84

5,454.41

25

5,454.41

477.00

40.91

436.09

5,018.32

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