Chapter 11 - Exercise 04 A. You financed a 4-year loan for $20,000 and were charged...
| Chapter 11 - Exercise 04 | |
|
A. You financed a 4-year loan for $20,000 and were charged
9% interest with a 20% down payment. Calculate the amount financed, the finance charge, and the monthly payment. |
|
| Loan Amount | $20,000.00 |
| Interest Rate | 9% |
| Down Payment Percent | 20% |
| Years for Loan | 4 |
| Amount Financed | |
| Finance Charge | |
| Monthly Payment | |
| Directions: | |
| a. Enter a formula in Cell B8 to calculate the Amount Financed. | |
| b. Enter a formula in Cell B9 to calculate the Finance Charge. | |
| c. Enter a formula in Cell B10 to calculate the Monthly Payment. | |
| d. Format dollar amounts for Currency, 2 decimal places, and $. | |
|
B. You have decided to pay off the loan after 30 months.
You want to know the amount of finance charge refund. Calculate the finance charge refund, the balance remaining, and the loan payoff. |
|
| Number of Payments | 48 |
| Payments Remaining | 18 |
| Sum of Digits Payments Remaining | |
| Sum of Digits Total Payments | |
| Finance Charge Refund | |
| Balance Remaining | |
| Loan Payoff | |
| Directions: | |
| a. Enter a formula in Cell B22 to calculate the Sum of Digits Payments Remaining. | |
| b. Enter a formula in Cell B23 to calculate the Sum of Digits Total Payments. | |
| c. Enter a formula in Cell B24 to calculate the Finance Charge Refund. | |
| d. Enter a formula in Cell B25 to compute the Balance Remaining. | |
| e. Enter a formula in Cell B26 to find the Loan Payoff. | |
| f. Format dollar amounts for Currency, 2 Decimal places, and $. | |
| g. Save the file as ch11ex04a.xlsx. | |
Homework Answers
Add Answer to:
Chapter 11 - Exercise 04
A. You financed a 4-year loan for $20,000 and were charged...
YO16_XL_CH11_GRADER_PS1_HW - Loan Analysis 1.4 Project Description: Janette Franklin, owner of Frank Solutions, LLC, is considering...
YO16_XL_CH11_GRADER_PS1_HW - Loan Analysis
1.4
Project Description:
Janette Franklin, owner of Frank Solutions, LLC, is
considering borrowing $30,000 to finance the renovation of her
office building. She has been given three different loan options
with various terms and interest rates. She knows that she can only
afford to make payments of $530.00 a month and needs your help to
determine which loan option is best.
Instructions:
Step
Instructions
Points Possible
1
Start Excel. Open the file named
e06ch11_grader_h1_Loans.xlsx. Save the...
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You will compare 2 different amortization schedules
when buying a car. The purchase price is $17,500.
Bank A requires a 20% down payment and has an annual interest rate
of 3.6%. Bank B wants only 10%
down payment but the annual interest rate is 4.8%. In both banks,
the loan will be paid off in 3 years.
Formulas: A.First you need to set up the formula to find the
monthly payment. Use the PMT function under
FINANCIAL FORMULAS.
B. After...
Please show the steps BoyuQuCh7CaseStudy - Excel File Insert Page Layout Formulas Data Review View Add-ins...
Please show the steps
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YO16_XL_CH11_GRADER_PS1_HW - Loan Analysis
1.4
Project Description:
Janette Franklin, owner of Frank Solutions, LLC, is
considering borrowing $30,000 to finance the renovation of her
office building. She has been given three different loan options
with various terms and interest rates. She knows that she can only
afford to make payments of $530.00 a month and needs your help to
determine which loan option is best.
Instructions:
Step
Instructions
Points Possible
1
Start Excel. Open the file named
e06ch11_grader_h1_Loans.xlsx. Save the...
Question Help The unpaid balance of an installment loan is equal to the present value of the remaining payments. The unpaid balance, P, is given by the formula below where PMT is the regular payment amount is the annual interest rate, n is the number of payments per year, and is the number of years remaining in the loan. Complete partsa and b. below PPMT Multiply both sides of the loan payment formula by b. The price of a car...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
You will compare 2 different amortization schedules
when buying a car. The purchase price is $17,500.
Bank A requires a 20% down payment and has an annual interest rate
of 3.6%. Bank B wants only 10%
down payment but the annual interest rate is 4.8%. In both banks,
the loan will be paid off in 3 years.
Formulas: A.First you need to set up the formula to find the
monthly payment. Use the PMT function under
FINANCIAL FORMULAS.
B. After...
Please show the steps
BoyuQuCh7CaseStudy - Excel File Insert Page Layout Formulas Data Review View Add-ins ACROBAT QuickBooks Tell me what you want to do Sign in Share Σ Autosum Calibri Fill Paste в ㅣ u . re. O . . _ Ξ_ 트트 분 Merge & Center. $. % , 'i..g Conditional Format as Cell Insert Delete Format Sort & Find & Filter Select Formatting Table Styles Clipboard Font Alignment Number Cells Editing E3 Input Area Calculations 2 Facility...
Problem 5-21 You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 1872 years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage? Complete the steps below using cell references to given data or previous...
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