Question

1/13/2020 Chapter 8-A 5. On April 16, Fat Tires Ltd. borrowed $8000.00 with an interest rate of 8.7%. The loan was repaid in full on October 27, with payments of $2600.00 on May 30 and $3300.00 on August 15. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) ID: 8.3.1 Blended payments on a $2008.00 loan were $418.00 per month. Interest was charged at 7% per annum calculated on the monthly unpaid balance. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Balance Before Payment Number Payment Amount Paid Interest Paid Principal Repaid Balance After Payment $2008.00 $2008.00 $418.00 $418.00 $ -- $ $418.00 $418.00 $0.00 5 Totals: ID: 8.5.2(incorrect)

Answer 1

Here is the answer

5.

Payment Number	Balance before payment	Amount paid	Interest paid	Principal repaid	Balance after payment
0					$ 8,000
1	$ 8,000	$         2,600	$              86	$              2,514	$ 5,486
2	$ 5,486	$         3,300	$            101	$              3,199	$ 2,286
3	$ 2,286	$         2,326	$              40	$              2,286	$        -
Totals		$         8,226	$            226	$              8,000

Last payment comes to around $ 2,326. (There may be rounding off difference, if you face any problem please let me know)

The formula version

6.

Payment Number	Balance before payment	Amount paid	Interest paid	Principal repaid	Balance after payment
0					$           2,008
1	$              2,008	$            418	$              12	$                 406	$           1,602
2	$              1,602	$            418	$                 9	$                 409	$           1,193
3	$              1,193	$            418	$                 7	$                 411	$              782
4	$                 782	$            418	$                 5	$                 413	$              369
5	$                 369	$            371	$                 2	$                 369	$                 -
Totals		$         2,043	$              35

The formula version

D E H Payment Number Balance before payment Amount paid Interest paid Principal repaid Balance after payment O =H4 =H5 =H6 418 418 2 418 2008 =D5-65 =D6-66 =D7-G7 =D8-68 =D9-69 =D5*7%/12 =D6*7%/12 =D7*7%/12 =D8*7%/12 =D9*7%/12 =SUM(F5:F9) =E5-F5 =E6-F6 =E7-F7 =E8-F8 =D9 TEH7 =H8 418 =D9+F9 =SUM(E5:E9) Totals