create the amortization schuelde for a loan of $4800, paid monthly over 2 years using an apr of 8 percent
Amortization Schedule: | ||||||||
Month end | Beginning Loan | Interest Expense | Monthly Payment | Reduction of Loan | Ending Loan Amount | |||
a | b=a*8%*1/12 | c | d=c-b | e=a-d | ||||
1 | $ 4,800.00 | $ 32.00 | $ 217.09 | $ 185.09 | $ 4,614.91 | |||
2 | 4,614.91 | 30.77 | 217.09 | 186.32 | 4,428.58 | |||
3 | 4,428.58 | 29.52 | 217.09 | 187.57 | 4,241.02 | |||
4 | 4,241.02 | 28.27 | 217.09 | 188.82 | 4,052.20 | |||
5 | 4,052.20 | 27.01 | 217.09 | 190.08 | 3,862.12 | |||
6 | 3,862.12 | 25.75 | 217.09 | 191.34 | 3,670.78 | |||
7 | 3,670.78 | 24.47 | 217.09 | 192.62 | 3,478.16 | |||
8 | 3,478.16 | 23.19 | 217.09 | 193.90 | 3,284.26 | |||
9 | 3,284.26 | 21.90 | 217.09 | 195.20 | 3,089.06 | |||
10 | 3,089.06 | 20.59 | 217.09 | 196.50 | 2,892.56 | |||
11 | 2,892.56 | 19.28 | 217.09 | 197.81 | 2,694.76 | |||
12 | 2,694.76 | 17.97 | 217.09 | 199.13 | 2,495.63 | |||
13 | 2,495.63 | 16.64 | 217.09 | 200.45 | 2,295.18 | |||
14 | 2,295.18 | 15.30 | 217.09 | 201.79 | 2,093.39 | |||
15 | 2,093.39 | 13.96 | 217.09 | 203.14 | 1,890.25 | |||
16 | 1,890.25 | 12.60 | 217.09 | 204.49 | 1,685.76 | |||
17 | 1,685.76 | 11.24 | 217.09 | 205.85 | 1,479.91 | |||
18 | 1,479.91 | 9.87 | 217.09 | 207.22 | 1,272.69 | |||
19 | 1,272.69 | 8.48 | 217.09 | 208.61 | 1,064.08 | |||
20 | 1,064.08 | 7.09 | 217.09 | 210.00 | 854.08 | |||
21 | 854.08 | 5.69 | 217.09 | 211.40 | 642.68 | |||
22 | 642.68 | 4.28 | 217.09 | 212.81 | 429.88 | |||
23 | 429.88 | 2.87 | 217.09 | 214.23 | 215.65 | |||
24 | 215.65 | 1.44 | 217.09 | 215.65 | -0.00 | |||
Total | $ 410.18 | $ 5,210.18 | $ 5,620.37 | |||||
Working: | ||||||||
Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | |||||
= | (1-(1+0.006667)^-24)/0.006667 | i | = | 8%/12 | = | 0.006667 | ||
= | 22.110544 | n | = | 2*12 | = | 24 | ||
Monthly Payment | = | Loan amount | / | Present value of annuity of 1 | ||||
= | $ 4,800.00 | / | 22.110544 | |||||
= | $ 217.09 |
create the amortization schuelde for a loan of $4800, paid monthly over 2 years using an...
Create the amortization schedule for a loan of $10,500, paid monthly over three years using an APR of 8 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3
Create the amortization schedule for a loan of $4,400, paid monthly over two years using an APR of 10 percent. Enter the data for the first three months. ( Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3
14 Create the amortization schedule for a loan of $5,500, paid monthly over two years using an APR of 9 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) 10 points Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 eBoo 3 Print References
Create the amortization schedule for a loan of $4,400, paid monthly over two years using an APR of 10 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3
Problem 5-50 Amortization Schedule (LG5-9) Create the amortization schedule for a loan of $5,700, paid monthly over two years using an APR of 10 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance rences
please answer correctly. Thanks Problem 5-50 Amortization Schedule (LG5-9) Create the amortization schedule for a loan of $5,300, paid monthly over two years using an APR of 8 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance
Amortization of a Loan EXAMPLE EXERCISES For the following exercises, create an amortization table for a $21,500 car loan with 4.5% APR over 72 months. 1. What is the monthly payment? 2. How much is actually paid over the life of the loan? How much interest? 3. How much is saved if you round up to the next $50 increment? Next $100? For the following exercises, create an amortization table for $135,000 home purchase at 4.6% fixed APR. Remember mortgages...
- a Amazon Twitch PayPal BlackBoard Saved Problem 5-50 Amortization Schedule (LG5-9) Create the amortization schedule for a loan of $4,600. paid monthly over two years using an APR of 9 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance
Create a monthly loan amortization schedule for the following loan: The amount to borrow is: 15,000.00 Term of the loan: 3 years Annual interest rate: 6% Loan payments are made monthly.
Create an amortization table for a 25-year mortgage loan that has monthly payments. The values in the input range should be loan face value ($500,000), APR (4.5%), and monthly prepayment amount ($100). Make sure the spreadsheet is fully interactive, so the entire sheet correctly updates when a change in any input is made Add a column to the right of the table developed in (a), to keep track of the month that the loan is paid off after taking prepayments...