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Requiremeht1 Complete the data table DATA Loan Amount Interest Rate Periods 35,000 6% Requirement 2 Using the present value oRequirement 3 Using the Excel PMT function, calculate the payment amount and complete the amortization schedule. Use the effe

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Answer #1
1-
Payment amount loan amount/PVAF at 6% for 3 years 35000/2.673 13093.90198
Period beginning balance Principal payment Interest payment total payment ending balance
0 35000
1 35000 10993.90198 2100 13093.90 24006
2 24006.10 11653.54 1440.37 13093.90 12352.56
3 12352.56 12352.75 741.15 13093.90 -0.19
total 35000.18635 4281.519596 39281.70595
2-
Payment amount Using PMT function in MS excel =pmt(rate,nper,pv,fv,type) rate =6% nper =3 pv =35000 fv 0 type =0 PMT(6%,3,35000,0,0) ($13,093.84)
Period beginning balance Principal payment Interest payment total payment ending balance
0 35000
1 35000 10993.90198 2100 13093.90198 24006.09802
2 24006.09802 11653.5361 1440.365881 13093.90198 12352.56192
3 12352.56192 12352.74827 741.1537149 13093.90198 -0.186352413
total 35000.18635 4281.519596 39281.70595
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