Computer Project IV

Car cost = $ 28,200

18% is what you put down in car = $5,076

The loan rate (Balance) is : $28,200 - $5,076 = $23,124

i = 0.072/12
= 0.006

n = 5 X 12
=60

A = R * [ 1 - ( 1 + i )^(-n) / i ]

R = 460.06

PNT Number PNT Ant Intrest Ant.Applied Balance

$ 23,124
1 $460.06 138.74 321.32 22,802.67
2 $460.06 136.82 323.24 22,479.43
3 $460.06 134.88 325.18 22,154.25
4 $460.06 132.93 327.14 21,827.12
5 $460.06