Question

Consider the following amortization schedule: Payment # Payment Interest Debt Payment Balance 1 966.45 750.00 216.45 149,783.55 2 966.45 748.92 217.53 149,566.02 3 966.45 x y z With the exception of column one, all amounts are in dollars. Calculate x. Round your answer to the nearest dollar. Do NOT round until you calculate the final answer.

Answer 1

The value of x is approximately $217.53.

To calculate the missing value x, we can use the following relationship:

`\[ \text{Payment} = \text{Interest} + x \]`

From the information given, we know:

`\[\text{Payment} = 966.45\]`

`\[\text{Interest} = 748.92\]`

Now, plug these values into the equation:

966.45 = 748.92 + x

Now, solve for x:

x = 966.45 - 748.92

`\[x \approx 217.53\]`

So, the value of x is approximately $217.53.