Homework Answers
Suppose the old vehicle can be traded for $ 5000, the amount taken as loan = $ 40,000
The monthly payment on the loan is calculated as follows
Monthly payment on the loan = $1,198.84
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Amortization table
| Month | Beginning balance | Monthly payment | Interest | Principal | Ending balance |
| 1 | $40,000 | $1,198.84 | $166.67 | $1,032.17 | $38,967.83 |
| 2 | $38,967.83 | $1,198.84 | $162.37 | $1,036.47 | $37,931.35 |
| 3 | $37,931.35 | $1,198.84 | $158.05 | $1,040.79 | $36,890.56 |
| 4 | $36,890.56 | $1,198.84 | $153.71 | $1,045.13 | $35,845.43 |
| 5 | $35,845.43 | $1,198.84 | $149.36 | $1,049.48 | $34,795.95 |
| 6 | $34,795.95 | $1,198.84 | $144.98 | $1,053.86 | $33,742.09 |
| 7 | $33,742.09 | $1,198.84 | $140.59 | $1,058.25 | $32,683.84 |
| 8 | $32,683.84 | $1,198.84 | $136.18 | $1,062.66 | $31,621.18 |
| 9 | $31,621.18 | $1,198.84 | $131.75 | $1,067.09 | $30,554.10 |
| 10 | $30,554.10 | $1,198.84 | $127.31 | $1,071.53 | $29,482.57 |
| 11 | $29,482.57 | $1,198.84 | $122.84 | $1,076.00 | $28,406.57 |
| 12 | $28,406.57 | $1,198.84 | $118.36 | $1,080.48 | $27,326.09 |
| 13 | $27,326.09 | $1,198.84 | $113.86 | $1,084.98 | $26,241.11 |
| 14 | $26,241.11 | $1,198.84 | $109.34 | $1,089.50 | $25,151.61 |
| 15 | $25,151.61 | $1,198.84 | $104.80 | $1,094.04 | $24,057.57 |
| 16 | $24,057.57 | $1,198.84 | $100.24 | $1,098.60 | $22,958.97 |
| 17 | $22,958.97 | $1,198.84 | $95.66 | $1,103.18 | $21,855.79 |
| 18 | $21,855.79 | $1,198.84 | $91.07 | $1,107.77 | $20,748.02 |
| 19 | $20,748.02 | $1,198.84 | $86.45 | $1,112.39 | $19,635.63 |
| 20 | $19,635.63 | $1,198.84 | $81.82 | $1,117.02 | $18,518.60 |
| 21 | $18,518.60 | $1,198.84 | $77.16 | $1,121.68 | $17,396.92 |
| 22 | $17,396.92 | $1,198.84 | $72.49 | $1,126.35 | $16,270.57 |
| 23 | $16,270.57 | $1,198.84 | $67.79 | $1,131.05 | $15,139.52 |
| 24 | $15,139.52 | $1,198.84 | $63.08 | $1,135.76 | $14,003.76 |
| 25 | $14,003.76 | $1,198.84 | $58.35 | $1,140.49 | $12,863.27 |
| 26 | $12,863.27 | $1,198.84 | $53.60 | $1,145.24 | $11,718.03 |
| 27 | $11,718.03 | $1,198.84 | $48.83 | $1,150.01 | $10,568.02 |
| 28 | $10,568.02 | $1,198.84 | $44.03 | $1,154.81 | $9,413.21 |
| 29 | $9,413.21 | $1,198.84 | $39.22 | $1,159.62 | $8,253.59 |
| 30 | $8,253.59 | $1,198.84 | $34.39 | $1,164.45 | $7,089.14 |
| 31 | $7,089.14 | $1,198.84 | $29.54 | $1,169.30 | $5,919.84 |
| 32 | $5,919.84 | $1,198.84 | $24.67 | $1,174.17 | $4,745.66 |
| 33 | $4,745.66 | $1,198.84 | $19.77 | $1,179.07 | $3,566.60 |
| 34 | $3,566.60 | $1,198.84 | $14.86 | $1,183.98 | $2,382.62 |
| 35 | $2,382.62 | $1,198.84 | $9.93 | $1,188.91 | $1,193.71 |
| 36 | $1,193.71 | $1,198.84 | $4.97 | $1,193.87 | $0 |
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