A local start-up company bought an equipment for $1,200,000. It is financed at a 9% APR....
A local start-up company bought an equipment for $1,200,000. It is financed at a 9% APR. The term of payments is monthly equal payment for five years. You have been consulted to develop a payment plan that will enable the start-up to determine the amount that go into the payment of the principal amount, amount paid in interest, and the loan balance. Use the table below as a guide to develop the payment schedule. (Hint: 9% APR is equivalent to 0.75% monthly interest)
| Payment Number | Interest Payment | Principal Payment | Monthly Payment | Loan Balance |
| 0 | 1200000 | |||
| 1 | 9000 | |||
| . | ||||
| 60 |
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A local start-up company bought an equipment for $1,200,000. It
is financed at a 9% APR....
A suburban lawn service bought 10 new mowers at $3500 each. The company made a $5000...
A suburban lawn service bought 10 new mowers at $3500 each. The company made a $5000 down payment and financed the balance at an annual rate of 8 % with monthly payments for 4 years. Use the Loan Payoff Table to prepare an amortization schedule for the first five payments of the loan Click the icon to view the Loan Payoff Table The amount of interest for the second payment period is S (Round to the nearest cent as needed.)
1. Mr Jones bought a building for $60,000, payable on the following terms: a $10,000 down...
1. Mr Jones bought a building for $60,000, payable on the following terms: a $10,000 down payment and 25 equal annual payments to include principal and interest of 10 percent per annum. Calculate the amount of the installment payments. How much of the first year's payment goes toward reducing the principal amount? 2. Crab the State Bank has offered you a $1,00,000 five- year loan at an interest of 11.25 percent, requiring equal annual end-of-year payments that include both principal...
Consider a loan of $9500 with an APR of 9% and a loan term of 10...
Consider a loan of $9500 with an APR of 9% and a loan term of 10 years. Complete parts (a) through (c) below. a. Use technology to construct a table showing the interest payment and loan balance after each month. Verify that, with monthly payments of $120.34, the loan balance reaches $0 after 120 months. Do not round until the final answer. Then round to the nearest cent as needed.) Mont-Interest | Principal | Balance $9500.00 119 120
aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is...
aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is 3%, and you must amortize the loan over 10 years with equal end-of-year payments. A. Calculate the mortgage payment using the Excel function Rate Nper PV FV Payment B. Set up an amortization schedule that shows the annual payments and the amount of each payment that repays the principal and the amount that constitutes interest expense to the borrower and interest income to the...
Consider a student loan of $17,500 at a fixed APR of 9% for 5 years. a....
Consider a student loan of $17,500 at a fixed APR of 9% for 5 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. . (Do not round until the final answer. Then round to the nearest cent as needed.)
Problem 5-50 Amortization Schedule (LG5-9) Create the amortization schedule for a loan of $5,700, paid monthly...
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
- a Amazon Twitch PayPal BlackBoard Saved Problem 5-50 Amortization Schedule (LG5-9) Create the amortization schedule...
- 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
section/7473/assignment/14090 Manded Question 9 of 13 Lush Gardens bought a new truck for $74,000. It paid...
section/7473/assignment/14090 Manded Question 9 of 13 Lush Gardens bought a new truck for $74,000. It paid $9,000 as a down payment and financed the balance at 4.50% compounded monthly. If the company makes payments of $1,575 at the end of every month, how long will it take to pay off the loan? 0 year(s) + month(s) Round up to the next payment period. Give your answer in years and months. Next Question
Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12 Amount paid each...
Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month = PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table is shown below: Payment no. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end of the month find from payment # 10-100. Payment no. Loan balance at the start of the month Amount of payment Interest...
please answer correctly. Thanks Problem 5-50 Amortization Schedule (LG5-9) Create the amortization schedule for a loan...
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
A suburban lawn service bought 10 new mowers at $3500 each. The company made a $5000 down payment and financed the balance at an annual rate of 8 % with monthly payments for 4 years. Use the Loan Payoff Table to prepare an amortization schedule for the first five payments of the loan Click the icon to view the Loan Payoff Table The amount of interest for the second payment period is S (Round to the nearest cent as needed.)
Consider a loan of $9500 with an APR of 9% and a loan term of 10 years. Complete parts (a) through (c) below. a. Use technology to construct a table showing the interest payment and loan balance after each month. Verify that, with monthly payments of $120.34, the loan balance reaches $0 after 120 months. Do not round until the final answer. Then round to the nearest cent as needed.) Mont-Interest | Principal | Balance $9500.00 119 120
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
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section/7473/assignment/14090 Manded Question 9 of 13 Lush Gardens bought a new truck for $74,000. It paid $9,000 as a down payment and financed the balance at 4.50% compounded monthly. If the company makes payments of $1,575 at the end of every month, how long will it take to pay off the loan? 0 year(s) + month(s) Round up to the next payment period. Give your answer in years and months. Next Question
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
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