Use a spreadsheet or financial program on a calculator or computer to develop the first two rows of an amortization schedule for a 4-year car loan if $16,300 is borrowed at 8.0%, compounded monthly.
?
A. ?
| Period | Payment | Interest | Balance Reduction | Unpaid Balance |
| $0.00 | $0.00 | $0.00 | $16,300 | |
| 1 | $397.93 | $1,304.00 | $33.26 | $16,266.74 |
| 2 | $397.93 | $1,301.34 | $128,796.66 | $112,529.92 |
B. ?
| Period | Payment | Interest | Balance Reduction | Unpaid Balance |
| $0.00 | $0.00 | $0.00 | $16,300 | |
| 1 | $397.93 | $108.67 | $289.26 | $16,010.74 |
| 2 | $397.93 | $106.74 | $291.19 | $15,719.55 |
C. ?
| Period | Payment | Interest | Balance Reduction | Unpaid Balance |
| $0.00 | $0.00 | $0.00 | $16,300 | |
| 1 | $397.93 | $108.67 | $289.26 | $16,010.74 |
| 2 | $397.93 | $1,301.34 | $291.19 | $112,529.92 |
D. ?
| Period | Payment | Interest | Balance Reduction | Unpaid Balance |
| $0.00 | $0.00 | $0.00 | $16,300 | |
| 1 | $1,337.26 | $1,304.00 | $33.26 | $16,266.74 |
| 2 | $1,337.26 | $106.74 | $291.19 | $15,719.55 |
E. ?
| Period | Payment | Interest | Balance Reduction | Unpaid Balance |
| $0.00 | $0.00 | $0.00 | $16,300 | |
| 1 | $1,337.26 | $108.67 | $33.26 | $16,010.74 |
| 2 | $1,337.26 | $1,301.34 | $291.19 | $112,529.92 |
Answer: B
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