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Sammy and Ruby Loveapet wish to purchase a new car. The car will cost $48,000. Their lender will provide a loan at 11 percent compounded annually, and the loan will be paid off in three annual end-of-year payments over three years. The Loveapet’s will put a downpayment of $5,000 on the auto and wish to know the following: a. How much are their annual payments? b. How much will be paid to the lender for interest each year? c. What will their loan balance be at the end of each year?

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Answer:

Explanation:

Car Amount                                    48000

Down payment                                5000

Amount required for the Loan          43000

Amortization Schedule

Year    Amount interst Instalment Total Payment Closin Loan

1           43000 4730 14333.33  19063.33         28666.67

2      28666.67 3153.33 14333.33  17486.67                 14333.33

3      14333.33   1576.67 14333.33  15910                            0

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