Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. find the monthly payment and estimate the remainin

Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on...

Free

90.2K

Verified Solution

Question

Finance

Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.

30-year car loan for $235,000 at 3.21%; remaining balance after20 years.

Answer & Explanation Solved by verified expert
3.8 Ratings (333 Votes)

MONTHLY PAYMENTS = 1017.58

P = Regular Payments
PV = Loan Amount
r = rate of interest
n = no of periods
P = r (PV)
1 - (1 + r )-n
P = (3.21%/12)*235000
1 - (1 / (1 + 3.21%/12)^360))
P = 628.625
0.617762937
P = 1017.58
BALANCE AFTER 20 YEARS (240 EMI) = $104,332.03
Beginning Balance Interest Principal Ending Balance
1 $235,000.00 $628.63 $388.96 $234,611.04
2 $234,611.04 $627.58 $390.00 $234,221.04
3 $234,221.04 $626.54 $391.04 $233,830.00
4 $233,830.00 $625.50 $392.09 $233,437.91
5 $233,437.91 $624.45 $393.14 $233,044.78
6 $233,044.78 $623.39 $394.19 $232,650.59
7 $232,650.59 $622.34 $395.24 $232,255.35
8 $232,255.35 $621.28 $396.30 $231,859.05
9 $231,859.05 $620.22 $397.36 $231,461.69
10 $231,461.69 $619.16 $398.42 $231,063.26
11 $231,063.26 $618.09 $399.49 $230,663.78
12 $230,663.78 $617.03 $400.56 $230,263.22
Year #1 End
13 $230,263.22 $615.95 $401.63 $229,861.59
14 $229,861.59 $614.88 $402.70 $229,458.89
15 $229,458.89 $613.80 $403.78 $229,055.11
16 $229,055.11 $612.72 $404.86 $228,650.25
17 $228,650.25 $611.64 $405.94 $228,244.30
18 $228,244.30 $610.55 $407.03 $227,837.27
19 $227,837.27 $609.46 $408.12 $227,429.15
20 $227,429.15 $608.37 $409.21 $227,019.94
21 $227,019.94 $607.28 $410.30 $226,609.64
22 $226,609.64 $606.18 $411.40 $226,198.24
23 $226,198.24 $605.08 $412.50 $225,785.74
24 $225,785.74 $603.98 $413.61 $225,372.13
Year #2 End
25 $225,372.13 $602.87 $414.71 $224,957.42
26 $224,957.42 $601.76 $415.82 $224,541.60
27 $224,541.60 $600.65 $416.93 $224,124.66
28 $224,124.66 $599.53 $418.05 $223,706.61
29 $223,706.61 $598.42 $419.17 $223,287.44
30 $223,287.44 $597.29 $420.29 $222,867.16
31 $222,867.16 $596.17 $421.41 $222,445.74
32 $222,445.74 $595.04 $422.54 $222,023.20
33 $222,023.20 $593.91 $423.67 $221,599.53
34 $221,599.53 $592.78 $424.80 $221,174.73
35 $221,174.73 $591.64 $425.94 $220,748.79
36 $220,748.79 $590.50 $427.08 $220,321.71
Year #3 End
37 $220,321.71 $589.36 $428.22 $219,893.48
38 $219,893.48 $588.22 $429.37 $219,464.12
39 $219,464.12 $587.07 $430.52 $219,033.60
40 $219,033.60 $585.91 $431.67 $218,601.93
41 $218,601.93 $584.76 $432.82 $218,169.11
42 $218,169.11 $583.60 $433.98 $217,735.13
43 $217,735.13 $582.44 $435.14 $217,299.99
44 $217,299.99 $581.28 $436.31 $216,863.68
45 $216,863.68 $580.11 $437.47 $216,426.21
46 $216,426.21 $578.94 $438.64 $215,987.57
47 $215,987.57 $577.77 $439.82 $215,547.75
48 $215,547.75 $576.59 $440.99 $215,106.76
217 $121,476.75 $324.95 $692.63 $120,784.12
218 $120,784.12 $323.10 $694.49 $120,089.64
219 $120,089.64 $321.24 $696.34 $119,393.29
220 $119,393.29 $319.38 $698.21 $118,695.09
221 $118,695.09 $317.51 $700.07 $117,995.01
222 $117,995.01 $315.64 $701.95 $117,293.07
223 $117,293.07 $313.76 $703.82 $116,589.24
224 $116,589.24 $311.88 $705.71 $115,883.54
225 $115,883.54 $309.99 $707.59 $115,175.94
226 $115,175.94 $308.10 $709.49 $114,466.45
227 $114,466.45 $306.20 $711.39 $113,755.07
228 $113,755.07 $304.29 $713.29 $113,041.78
Year #19 End
229 $113,041.78 $302.39 $715.20 $112,326.59
230 $112,326.59 $300.47 $717.11 $111,609.48
231 $111,609.48 $298.56 $719.03 $110,890.45
232 $110,890.45 $296.63 $720.95 $110,169.50
233 $110,169.50 $294.70 $722.88 $109,446.62
234 $109,446.62 $292.77 $724.81 $108,721.80
235 $108,721.80 $290.83 $726.75 $107,995.05
236 $107,995.05 $288.89 $728.70 $107,266.36
237 $107,266.36 $286.94 $730.65 $106,535.71
238 $106,535.71 $284.98 $732.60 $105,803.11
239 $105,803.11 $283.02 $734.56 $105,068.55
240 $105,068.55 $281.06 $736.52 $104,332.03
Year #20 End

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.30-year car loan for $235,000 at 3.21%; remaining balance after20 years.

Other questions asked by students

Q

Prompt Is trading across cultures always a good thing

Biology
Q

What is a transformer? What is a motor? What is a generator?

Electrical Engineering
Q

READING TOOL Compare and Contrast As you read your textbook compare and fermentation and cellular...

Biology
Q

Find the length of RQ 25 S

Geometry
Q

Find all integers a and b such that a 18 b 7 1 126 For...

Basic Math
Q

Mary's car will go 319 miles on 14.5 gallons of gasoline in highway driving.a) How...

Basic Math
Q

The fundamental attribution error FAE in psychology is the tendency of a person to overemphasize...

Statistics
Q

Listen Determine the derivative of the following function Do not simplify 2A f x sin...

Calculus
Q

Examples 1 Find the slope of the tangent to the ellipse x 4y 25 at...

Calculus
Q

The following data pertain to an investment proposal (Ignore income taxes.): ...

Accounting
Q

The Strug Company purchased office furniture and equipment for $8,600 and agreed to pay for...

Accounting
Q

The profitability index allows a company to compare alternative investments in present value and considers...

Accounting