Homework Answers
| Payment Made | Interest | Principal | Outstanding Principle | |
| 1 | $2387.85 | $370.50 | $2,017.35 | $10,982.65 |
| 2 | $2387.85 | $313.01 | $2,074.84 | $8,907.80 |
| 3 | $2387.85 | $253.87 | $2,133.98 | $6,773.83 |
| 4 | $2387.85 | $193.05 | $2,194.80 | $4,579.03 |
| 5 | $2387.85 | $130.50 | $2,257.35 | $2,321.68 |
| 6 | $2387.85 | $66.17 | $2,321.68 | $0.00 |
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Find the amortization table for a $13,000 loan amortized over 3 years with semiannual payments if...
Find the amortization table for a $23,000 loan amortized over 3 years with semiannual payments if...
Find the amortization table for a $23,000 loan amortized over 3 years with semiannual payments if the interest rate is 5.3% per year compounded semiannually. (Round your answers to the nearest cent.) End of Payment Period Made Payment Toward Interest Payment Toward Principal Outstanding Principle 23000
Find the amortization table for a $8,000 loan amortized over 3 years with semianni cent.) if...
Find the amortization table for a $8,000 loan amortized over 3 years with semianni cent.) if the interest rate is 5.9% per year compounded semiannually. (Round your answers to the nearest End of Period Payment Made Payment Toward Interest Payment Toward Principal Outstanding Principle 8000
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A loan of $470,000 is amortized over 30 years with payments at
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Use Excel to create an amortization table showing, for each of the
360 payments, the beginning balance, the interest owed, the
principal, the payment amount, and the ending balance.
Answer the following, rounding to the nearest penny.
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Use Excel to create an amortization table showing, for each of the
360 payments, the beginning balance, the interest owed, the
principal, the payment amount, and the ending balance.
a) Find the amount of each payment. $
b) Find the total amount of interest paid during the first 15
payments. $
Suppose that payment number...
Find the payment necessary to amortize a 4.9% loan of $7300 compounded semiannually, with 6 semiannual...
Find the payment necessary to amortize a 4.9% loan of $7300 compounded semiannually, with 6 semiannual payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated semiannual payments. Then create an amortization table to find (c) the total payments and total amount of interest paid based upon the amortization table a. The semiannual payment needed to amortize this loan is $ (Round to the...
A loan of $370,000 is amortized over 30 years with payments at the end of each...
A loan of $370,000 is amortized over 30 years with payments at the end of each month and an interest rate of 8.9%, compounded monthly. Answer the following, rounding to the nearest penny. a) Find the amount of each payment. $ b) Find the total amount of interest paid during the first 15 payments. $ c) Find the total amount of interest paid over the life of the loan. $ d) Find the total of all payments made over 30...
3. A company borrowed $13,000 paying interest at 8% compounded quarterly. If the loan is repaid...
3. A company borrowed $13,000 paying interest at 8% compounded quarterly. If the loan is repaid by payments of $1800 made at the end of each 3 months, construct a partial amortization schedule showing the last three payments, the total paid, and the total interest paid. Complete the table below for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Outstanding Number Amount Paid Interest Paid Principal Repaid Principal...
A debt of $9000 is to be amortized with 4 equal semiannual payments. If the interest...
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Jasmine’s student loan of $24,500 at 4.82% compounded quarterly was amortized over 5 years with payments...
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?
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A loan of $470,000 is amortized over 30 years with payments at
the end of each month and an interest rate of 6.5%, compounded
monthly.
Use Excel to create an amortization table showing, for each of the
360 payments, the beginning balance, the interest owed, the
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Answer the following, rounding to the nearest penny.
a) Find the amount of each payment. $
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Question 4 of 5 A $85,000 loan was amortized over 14 years at 4.00 % compounded annually. Payments were made at the end of every month to clear the loan. a. What is the size of the payments at the end of every month? $0.00 Round to the nearest cent b. What was the balance at the end of 4 years? $0.00 Round to the nearest cent c.What was the interest portion of payment 84? $0.00 Round to the nearest...
A loan of $450,000 is amortized over 30 years with payments at
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Use Excel to create an amortization table showing, for each of the
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principal, the payment amount, and the ending balance.
a) Find the amount of each payment. $
b) Find the total amount of interest paid during the first 15
payments. $
Suppose that payment number...
Find the payment necessary to amortize a 4.9% loan of $7300 compounded semiannually, with 6 semiannual payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated semiannual payments. Then create an amortization table to find (c) the total payments and total amount of interest paid based upon the amortization table a. The semiannual payment needed to amortize this loan is $ (Round to the...
3. A company borrowed $13,000 paying interest at 8% compounded quarterly. If the loan is repaid by payments of $1800 made at the end of each 3 months, construct a partial amortization schedule showing the last three payments, the total paid, and the total interest paid. Complete the table below for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Outstanding Number Amount Paid Interest Paid Principal Repaid Principal...
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