Question

Jasmine’s student loan of $24,500 at 4.82% compounded quarterly was amortized over 5 years with payments made at the end of every month. What was the principal balance on the loan after 4 years?

Answer 1

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BA PLUS- Microsoft Excel (Product Activation Failed) Review File Home Insert Page Layout Formulas Data View Add-Ins Σ AutoSum - Cut AS Wrap Text Calibri 11 General Copy Fill Merge & Center Insert Delete Format Paste B I U +.0 .00 Conditional Format Cell Sort & Find & % .00 0 Format Painter Clear Formatting as Table Styles Filter Select Editing Clipboard Font Alignment Number Styles Cells fox Q70 J K P Q R T V w X Y 51 calculate effective rate 52 53 press 2nd ICONV 54 then enter NOM = 55 4.82 then press enter 56 then press up arrow 57 enter C/Y 4 58 then press enter 59 then press up arrow 60 THEN PRESS CPT 61 4.907823 62 FIRST SET C/Y = I/Y 63 NOW CALCULATING PMT 12 I/Y 64 4.907823 65 PV -24500 66 N 60 67 461.31 68. СРТ РМТ 69 70 NOW LOAN BALANCE AFTER 4 YEARS 71 PV FV Sheet4choice EAR WACC NPV BOND Rea 120 % erences WA 05:25 ENG 28-11-2019

BA PLUS- Microsoft Excel (Product Activation Failed) Review File Home Insert Page Layout Formulas Data View Add-Ins Σ AutoSum - Cut A A Wrap Text Calibri 11 General Copy Fill Merge & Center Insert Delete Format Paste B I U +.0 .00 Conditional Format Cell Sort & Find & % .00 0 Format Painter Clear Formatting as Table Styles Filter Select Editing Clipboard Font Alignment Number Styles Cells ffx Q88 K L M N P Q R T V w X Y 69 70 NOW LOAN BALANCE AFTER 4 YEARS 71 SO MONTHS LEFT 72 12 73 74 N 12 PMT 75 -461.31 I/Y 76 4.907823 СРТ PV 77 5391.32 78 79 80 81 82 83 84 85 86 87 88 89 Sheet4 choice 4 WACC NPV BOND PV FV EAR 120 % Rea erences WA 05:25 ENG 28-11-2019