Car Loan Project - Cory-Rawson

Example: Find the total amount paid for the $25,000 car. The loan is for 5 years at 12%. Amortization schedule_____ Payment number_____ Interest due_____ Note reduction_____ Unpaid balance_____ Prepayment penalty_____ Amortization Schedule Formulas … where: L = loan amountI 1 = interest due at the end of month 1. r = monthly interest rateR 1 = loan reduction at the end of month 1. P ... ................
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