Wade Ellis buys a new car for $16, XXXXXXXXXXHe puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2 % interest for four years. (Round your answers to the nearest cent.)...

Wade Ellis buys a new car for $16,168.37. He puts 10% down and obtains a simple interest amortized loan for the rest at

11 1/2
%

interest for four years. (Round your answers to the nearest cent.)

(a) Find his monthly payment.
$

(b) Find the total interest.
$

(c) Prepare an amortization schedule for the first two months of the loan.

Payment Number	Principal Portion	Interest Portion	Total Payment	Balance
0				$
1	$	$	$	$
2	$	$	$	$

Jun 08, 2022

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