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Suppose you borrow $4,000 at an 18% annual interest rate compounded monthly, which comes out to an interest rate of 1.5% each month. At the end of each month, you make a $150 payment. Use this information to complete the table below. Round to the nearest cent as needed. Looking at the table, we will say the ending balance at the end of month zero, which is right when you receive the money, is $4,000, which becomes the prior balance at the beginning of month one. Then during month one, you are charged 1.5% interest on the balance of $4,000. Which means now we need to find 1.5% of 4,000. To do this, we convert 1.5% to a decimal and multiply it by 4,000. 1.5% is equal to 0.015 as a decimal. Then we have times 4,000, which is equal to 60. Which means youre charged $60 of interest during month one. And then you make the payment of $150, and now to determine the ending balance, we take the prior balance, add the interest, and then subtract the payment. 4,000 plus 60 minus 150 is 3,910, givi
