YOU TRY IT 3.4: Make an amortization schedule for the first three payments of a new car loan, where $14,500 is borrowed at a rate of 12% compounded monthly, and monthly payments are made for four years. Show work.


Hint: When you solve for the monthly payment, you should obtain 381.84 (show work) and the balance due at the end of 3 months is 13782.35.