I Need all the way to 36 months please..... An automobile loan of $17,000 at a nominal rate of 6% compounded monthly for 36 months requires equal end-of-month payments of $517.17.Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.)Repayment of Remaining LoanPrincipalBalance$16,567.83$ 432.17$434.33$ 16133.50$ 458.83End of Month(n)1213Interest Payment$85$82.84$58.34

Interest payment is the additional amount of money over the principal amount that a debtor has to…

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I Need all the way to 36 months please.....

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

I Need all the way to 36 months please.....

An automobile loan of $17,000 at a nominal rate of 6% compounded monthly for 36 months requires equal end-of-month payments of $517.17.
Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.)
Repayment of Remaining Loan
Principal
Balance
$16,567.83
$ 432.17
$434.33
$ 16133.50
$ 458.83
End of Month
(n)
1
2
13
Interest Payment
$85
$82.84
$58.34

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