You have decided to purchase a new car. You plan to take out a loan to pay for the car. The loan amount is $18,900. You will pay an interest rate of 6.5% and plan to pay off the car in 48 months. You...

Amortization

Extracted text: You have decided to purchase a new car. You plan to take out a loan to pay for the car. The loan amount is $18,900. You will pay an interest rate of 6.5% and plan to pay off the car in 48 months. You want to calculate the total amount of money and the total amount of interest you will pay over the course of the loan. To help you with these calculations, you decide to construct an amortization table. An amortization table provides details about the payment, interest amount, principal amount, and loan balance for every month of the loan. Perform the tasks below to complete the amortization table and loan summary calculations. Loan Amount -$18,900.00 Loan Summary Total Amount Paid Total Interest Paid Term (months) 48 Interest Rate 6.50% Verify Interest Calculation Buy new in Period 36? Payment Period Payment Interest Principal Balance $18,900.00 1 $0.00 2 $0.00 $0.00 $0.00 $0.00 5 6 $0.00 7 $0.00