AN תס
4. Monty Ricker obtained a
Payment
Amount
used car loan of $6,000.00 Number
Payment
Interes
at 8% for 36 months. The
1 $414.00 $24.00
monthly payment is $187.80.
2
414.00 20.10
The balance of the loan after
3 414.00 10.1
12 payments is $4,159.90.
4 414.00 12i1
The balance after the 34th
5 414.00 9.1
payment is $380.60.
6 4:14,71 4.1
니 1
a. What is the interest for
the first payment?
b. What is the interest for the 13th payment?
c. Explain why the interest is so much different for the
two payments.
d. What is the balance after the 35th payment?