Question

Cloverdale Nurseries obtained a $78,000 loan at 9.3% compounded monthly to build an additional greenhouse. Monthly payments were calculated to amortize the loan over six years. Construct a partial amortization schedule showing details of the first two payments, Payments 44 and 45, and the last two payments. (Do not round intermediate calculations and round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment Interest portion Principal portion Principal balance $78,000.00

Answer 1

1 Payment Beg amount Payment Int. portion Pricipal portion Principal bal. 2 1 $ 78,000 $ 1,418 $ 605 $ 813 $ 77,187 2 $ 77,187 $ 1,418 $ 598$ 819 $ 76,367 43 $ 37,817 $ 1,418 $ 293 $ 1,125 $ 36,692 44 $ 36,692 $ 1,418 $ 284 $ 1,133 $ 35,559 45 $ 35,559 $ 1,418 $ 276 $ 1,142 $ 34,417 70 $ 4,188 $ 1,418 $ 32$ 1,385 $ 2,803 71 $ 2,803 $ 1,418 $ 22$ 1,396 $ 1,407 72 $ 1,407 $ 1,418 $ 11$ 1,407 $ 0 А в E 1 Payment Beg amount Payment Int. portion Pricipal portion 211 78000 =PMT(9.3%/12,6*12,-78000) !=B2*9.3%/12 =C2-D2 32 =B2-E2 =PMT(9.3%/12,6*12,-78000) =B3*9.3%/12 =C3-D3 44 43 =B43-E43 =PMT(9.3%/12,6*12,-78000) =B44*9.3%/12 =C44-D44 45 44 =B44-E44 =PMT(9.3%/12,6*12,-78000) =B45*9.3%/12 =C45-D45 46 45 =B45-E45 =PMT(9.3%/12,6*12,-78000) =B46*9.3%/12 =C46-D46 71 70 =B70-E70 =PMT(9.3%/12,6*12,-78000) =B71*9.3%/12 =C71-D71 72 71 =B71-E71 EPMT(9.3%/12,6*12,-78000) =B72*9.3%/12 =C72-D72 =B72-E72 =PMT(9.3%/12,6*12,-78000) =B73*9.3%/12 =C73-D73 Principal bal. =B2-E2 =B3-E3 =B44-E44 =B45-E45 =B46-E46 =B71-E71 =B72-E72 =B73-E73