Attached is the excel. The solutions are already there. I just need the function formulas to put in the box to get that answer. If you could just Put exactly what you put in the function box to get these solutions ! Also answer the brief question at the bottom of each question
E6=RATE(E5,-E2,E3)
E7=E6*12
E17=PMT(E14,E16,E12)
E18=E17*E16
E19=E18-E12
If tenure is decreased, then fewer payments and also less total interest
Attached is the excel. The solutions are already there. I just need the function formulas to...
should be explain it on excel Solve all of the following problems with Excel. Please use formulas in excel to solve. (2) (10 pts) (a) Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% per month. 1. What initial principal will this repay? (b) Assume annual car payments of $6000 for 4 years and an interest rate of 9% per year. 1. What initial principal will this repay? (c) Assume monthly car...
need help thanks! Suppose that you have just borrowed $250,000 in the form of a 30 year mortgage. The loan has an annual interest rate of 9% with monthly payments and monthly compounding. a. What will your monthly payment be for this loan? b. What will the balance on this loan be at the end of the 12th year? How much interest will you pay in the 7th year of this loan? d. How much of the 248th payment will...
Mortgage Analysis Part I You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage. Use the function “PMT” to calculate your mortgage payment. Calculate the total cost of the home purchase. (Down payment plus principal (loan amount) plus interest.) Calculate how much interest you will pay in total? Assume that you plan to pay...
** Please read the bold statement after the question, I have the answers, but I need to make sure they are correct. Thanks** #1 Using a spreadsheet application, create an amortization schedule for a 30 year, fixed rate (4.58%) $200k loan. Answer the following: what is the monthly payment? how much total interest will you pay? Print out enough of your spreadsheet to defend your work and answers. Assume that you took the loan in #1 and paid your monthly...
Solve all of the following problems with Excel. Please use formulas in excel to solve. (2) (a) Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% per month. 1. What initial principal will this repay? (b) Assume annual car payments of $6000 for 4 years and an interest rate of 9% per year. 1. What initial principal will this repay? (c) Assume monthly car payments of $500 per month for 4 years...
please I need help answering this question thank you all the information are in the picture Task 6-8 Data 15 Year Mortgage 30 Year Mortgage Loan Amount Interest Rate Number of Payments $310,000.00 4.50% 180 $310,000.00 4.50% 360 Assignment Tasks Finance How much money will you save if you pay off the loan in 15 years instead of 30 years? (Please reference the total payment amounts in cells C39 and D39 to calculate the difference.) [5 points] Monthly Payment $2,371.48...
Watch the video and then solve the problem given below You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly payments of $1242.35 for 15 years. Complete the first two months of the amortization table. (Simplify your answers. Round to the nearest cent as needed.) Payment number Interest payment Principal payment Balance of loan Watch the video and then solve the problem given below You are considering a loan with an annual...
I need to find the solutions using a BA 2 Plus financial calculator NOT through excel. 5 and 6 are not needed But 9 and 10 are very important. Question 5 5 pts You are taking out a car loan and will make payments of $315 each month (beginning one month from today). for a total of 60 monthly payments. If the interest rate on the loan is 0.83% (the effective monthly rate on this loan), how much are you...
You are buying a home and have saved $45,000 for a down payment. The house costs $360,000. You are given a choice by the mortgage banker. You can use your entire $45,000 for the down payment, and borrow $315,000 at a 4.2% annual rate with monthly payments of about $1540 per month for 30 years (360 monthly payments). Or you can buy down the interest rate by paying an upfront fee to the lender of $8,000. This will reduce the...
Excel is allowed! For this lab, we will create a spreadsheet that allows somebody to type in a loan amount, interest rate, and length of the loan in years. The spreadsheet will then calculate the monthly payment required and the actual amount paid on the loan. First, setup your spreadsheet: • In Cell A1, put the label Loan Amount:. The corresponding value would be input in Cell B1. • In Cell A2, put the label Interest Rate:. The corresponding value...