You borrow $2600 at 6% APR to purchase a computer. You plan to make monthly payments of $28.86 until the loan is paid off. Make an amortization table showing payments over the first three months. Round each answer to two decimal places whenever necessary and use the rounded answers to calculate remaining values. Payment Number 1 2 3 Payment Applied to Interest 1-Prt with t=1/12 is $28.86 $ $28.86 $ $28.86 in S Applied to Balance Owed Payment - Interest $ $ Outstanding Balance Amount Borrowed - Amount Applied to Balance $ 2600 $ s $
You borrow $2600 at 6% APR to purchase a computer. You plan to make monthly payments of $28.86 until the loan is paid off. Make an amortization table showing payments over the first three months. Round each answer to two decimal places whenever necessary and use the rounded answers to calculate remaining values. Payment Number 1 2 3 Payment Applied to Interest 1-Prt with t=1/12 is $28.86 $ $28.86 $ $28.86 in S Applied to Balance Owed Payment - Interest $ $ Outstanding Balance Amount Borrowed - Amount Applied to Balance $ 2600 $ s $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
![s
You borrow $ 2600 at 6% APR to purchase a computer.
You plan to make monthly payments of $28.86 until the loan is paid off.
Make an amortization table showing payments over the first three months.
Round each answer to two decimal places whenever necessary and use the rounded answers to calculate
remaining values.
Payment
Number
1
2
3
Payment
$28.86
$28.86
$28.86
Applied to Interest
1-Prt with t=1/12
$
S
Applied to
Balance Owed
Payment Interest
$
s
$
Outstanding Balance
Amount Borrowed - Amount
Applied to Balance
$ 2600
$
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12e3abe5-efd6-4b21-a312-e0cb56f5683f%2F21e9dcd5-4018-437a-8e84-fb8de6306662%2Fsln5ujc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:s
You borrow $ 2600 at 6% APR to purchase a computer.
You plan to make monthly payments of $28.86 until the loan is paid off.
Make an amortization table showing payments over the first three months.
Round each answer to two decimal places whenever necessary and use the rounded answers to calculate
remaining values.
Payment
Number
1
2
3
Payment
$28.86
$28.86
$28.86
Applied to Interest
1-Prt with t=1/12
$
S
Applied to
Balance Owed
Payment Interest
$
s
$
Outstanding Balance
Amount Borrowed - Amount
Applied to Balance
$ 2600
$
$
$
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