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You purchase a new car for $33,333. What is the outstanding balance on the loan after you make the second payment if you have a 5-year loan with monthly payments and an interest rate of 7.84% (compounded monthly)? (Round your answer to the nearest integer)

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jepessoa

Answer:

$32,419

Explanation:

I prepared an amortization schedule using an excel spreadsheet. The monthly payment is $673.32:

year        beginning  scheduled  principal     interest ending

              balance             payment                                                 balance

1        $33,333         $673.32        $456     $218       $32,877 .45

2        $32,877         $673.32        $459     $215       $32,418.91

The outstanding balance after the second payment = $32,418.91 ≈ $32,419

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