6. You borrow $1000 to pay for a repair on your car to be paid...
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6. You borrow $1000 to pay for a repair on your car to be paid back in 12 months. Your credit isn't in the best condition and you borrow at an APR of 18% compounded monthly. Complete the table below describing the first 4 payments. First, find the monthly payment then complete the table below. a. calculate the monthly payment b. Complete the four-month amortization table below (2 pts for table) Payment Payment number Applied to Interest Applied to Balance owed outstanding Balance c. How much interest will you pay in total by then end of the loan
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