8. Margaret buys new stereo equipment for $500. The store agrees to finance the purchase price for 4 months at 12% annua

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8 Margaret Buys New Stereo Equipment For 500 The Store Agrees To Finance The Purchase Price For 4 Months At 12 Annua 1 (41.03 KiB) Viewed 49 times

8. Margaret buys new stereo equipment for $500. The store agrees to finance the purchase price for 4 months at 12% annual interest rate compounded monthly, with approximately equal payments at the end of each month. Her first 3 monthly payments will be $128.14. The amount of the fourth payment will be $128.14 or less (depending on the balance after the third payment). Use this information to complete the amortization schedule below. Payment Number 1 2 3 4 Balance start of month $500 Amount of Payment $128.14 $128.14 $128.14 Interest due, at end of month $5 Principal due, at end of month $123.14 Balance after Payment $376.86