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Suppose that under the Plan of Repayment one should pay off the debt in a...

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Finance

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Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month installments (principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A friend of yours has financed $21,000 on the purchase of a new automobile, and the annual interest rate is 18% (1.5% per month). a. Monthly payments over a 60-month loan period will be how much? b. How much interest and principal will be paid within three month of this loan? 5 Click the icon to view the interest and annuity table for discrete compounding when i = 1.5% per month. a. The monthly payment over a 60-month loan period is $ . (Round to the nearest cent.) b. Fill in the table below. (Round to the nearest cent.) Payment Number Interest Payment Principal Repayment Remaining Loan Balance N w Enter your answer in each of the answer boxes

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