Homework Answers
rate positively ..
| Ans 1) | We have to compute the monthly payment. | |||||
| We have to use finanical calcualtor - | ||||||
| Put in calculator - | ||||||
| FV | 0 | |||||
| PV | -37000 | |||||
| I | 3.75%/12 | 0.3125% | ||||
| N | 7*12 | 84 | ||||
| Compute PMT | $501.50 | |||||
| size of payment = | $501.50 | |||||
| Ans b) | ||||||
| Payment number | Payment | Interest portion | Principal portion | Principal balance | ||
| 0 | 37,000.00 | |||||
| 1 | $501.50 | 115.63 | $385.87 | $36,614.13 | ||
| 2 | $501.50 | 114.42 | $387.08 | $36,227.05 | ||
| 83 | $501.50 | 3.12 | $498.38 | $499.94 | ||
| 84 | $501.50 | 1.56 | $499.94 | ($0.00) | ||
| total | 42125.92 | 5125.92 | $37,000.00 | |||
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loan amortization schedule question OMAT 230 OS X Microsoft Office Home X B MATH 230 051...
loan amortization schedule question
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