Payment and amount of interest and amount of principal

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Reference no: EM131836589

Sue has purchased a car that costs $31,275, including tax. She arranged to finance the car at her credit union on a 6% annual (0.5 monthly) rate interest loan with monthly payments over five years (60 total payments) . The first payment is due October 1, one month after she took the car. She will make all payments on the first of the month they are due. Because she is using the car for business purposes, she needs to know the interest and principal paid each tax year. Sue's tax year ends on December 31 of each year. Please calculate and put into a table, the beginning principal of the loan each calendar year, the payment and amount of interest and the amount of principal paid each calendar year, and the remaining balance of the loan at the end of each calendar year.

Reference no: EM131836589

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