Let’s go car shopping. you see a $16,500 automobile and it simply has to be yours. you finance the loan after placing $5000 down with 48 equal payments. the bank approved you for a 3% interest rate, compounded monthly. what is your monthly payment? use annuity formulas. complete the first two rows of the amortization table for this car loan.
balance | interest charged | payment | toward principal | new balance