The balance of a loan, B, after n monthly payments is given byB = A(1 + 1;0n-rloo [(1

Chapter 4, Problem 10

(choose chapter or problem)

The balance of a loan, B, after n monthly payments is given byB = A(1 + 1;0n-rloo [(1 +1;00 r -1] where A is the loan amount, P is the amount of a monthly payment, and r is theyearly interest rate entered in % (e.g., 7.5% entered as 7.5). Consider a 5-year,$20,000 car loan with 6.5% yearly interest that has a monthly payment of$391.32. Calculate the balance of the loan after every 6 months (i.e., at n = 6,12, 18, 24, ... , 54, 60). Each time, calculate the percent of the loan that isalready paid. Display the results in a three-column table, where the first columndisplays the month and the second and third columns display the correspondingvalue of B and percentage of the loan that is already paid,respectively.