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Amortization
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, You have decided to purchase a new car. You plan to take out a loan to pay for the
car. The loan amount is $18,900. You will pay an interest rate of 6.5% and plan to pay
off the car in 48 months. You want to calculate the total amount of money and the
total amount of interest you will pay over the course of the loan. To help you with
these calculations, you decide to construct an amortization table. An amortization
table provides details about the payment, interest amount, principle amount, and
loan balance for every month of the loan. Perform the tasks below to complete the
amortization table and loan summary calculations.
Loan Amount -$18,900.00 Loan Summary
Term (months) 48 Total Amount Paid $21,514.21
Interest Rate 6.50% Total Interest Paid $2,614.21
SUM Check $2,614.21
Payment $448.21 Calculation No
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