Sson 1 - Financing a Car(please show work for full credit) ".
1. The following table shows the first segment of a five-year amortization schedule.
5 Year Amortization Schedule
Loan Amount or Principal S 12.575.00
Interest Rate on Loan
9.45%
Extra Payment to Principal S
Month Payment
Principal
Interest Balance
1 s 263.79s
164.76 S 99.03 $ 12.410.24
2 S 263.79 S 166.065 97.73 $ 12.244.18
31 $
3 263.79$
167.375 96.42 $ 12.076.81
4 $ 263.79 $
168.69S 95.10 $ 11,908.12
5 S 263.79$
170.01s 93.78 $ 11.738.11
65 263.79s
171.35 S 92.44 $ 11.566.75
71 $ 263.79s 172.70S 91.09 $ 11,394 05
8 S 263.79s 174.065 89.73 $ 11.219.99
95 263.79$ 175.43s 88.36 $ 11.044 55
10 s 263.79S 176.82 $ 86 98 S 10.867.74
11 S 263.79
178.21 s 85.58 $ 10.689.53
12 s 263.79s
179.61 $ 84 18S S 10.509.92
13s 263.79s
181.035 82.77 $ 10.328.89
141 $ 263.79s 182.455 81.34 S 10.146.44
15$ 263.79 $
183.89S
79.90S 9.962.55
After one year of payments, how much has been paid to interest?
a.
$1,100.42
b. $1,010.16
C. $1,188.34
d. $1,241.18
69%
+
S.)
Text Predictions: On