Question

prob 3
car amortization table
the amortization table shows payment breakdowns for a car loan for $20,000.
month payment interest principal remaining balance
1 $368.33 $66.67 $301.66 $19,698.34
2 $368.33 $65.66 $302.67 $19,395.67
3 $368.33 $64.65 $303.68 $19,091.99
4 $368.33 $63.64 $304.69 $18,787.30
5 $368.33 $62.62 $305.71 $18,481.59
6 $368.33 $61.61 $306.72 $18,174.87
what is the total amount paid toward the principal after 6 months?
prob 4.
a math student is analyzing a lease agreement that includes a clause for excess - mileage fees. if the lease allows for 12,000 miles per year and the student plans to drive 14,000 miles in one year, how should they set up their spreadsheet to calculate the excess mileage fee for that year, given the fee is $0.20 per mile over the limit?
prob5.
what is the total cost of leasing a car over a 3 - year term if the monthly lease payment is $378?

Explanation:

Prob 3

Step1: Identify principal payments

List principal payments for 6 months: $301.66, $302.67, $303.68, $304.69, $305.71, $306.72.

Step2: Calculate total

Sum up the principal payments: $301.66 + 302.67+303.68 + 304.69+305.71+306.72=1825.13$.

Step1: Calculate excess miles

Find the difference between planned and allowed miles: $14000 - 12000=2000$ miles.

Step2: Set - up spreadsheet formula

In a spreadsheet cell, enter the formula to calculate the fee: $=2000*0.20$.

Step1: Calculate number of months

Determine the number of months in 3 years: $3\times12 = 36$ months.

Step2: Calculate total cost

Multiply the monthly payment by the number of months: $378\times36=13608$.

Answer:

$1825.13$

Prob 4