ZuoTi.Pro
Question

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12 Amount paid each...

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month = PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table is shown below: Payment no. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end of the month find from payment # 10-100.

Payment no. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end of the month
1                  148,912.00                          1,139.17      558.42                580.75          148,331.25
2                  148,331.25                          1,139.17      556.24                582.92          147,748.33
3                  147,748.33                          1,139.17      554.06                585.11          147,163.22
4                  147,163.22                          1,139.17      551.86                587.30          146,575.91
5                  146,575.91                          1,139.17      549.66                589.51          145,986.41
6                  145,986.41                          1,139.17      547.45                591.72          145,394.69
7                  145,394.69                          1,139.17      545.23                593.94          144,800.75
8                  144,800.75                          1,139.17      543.00                596.16          144,204.59
9                  144,204.59                          1,139.17      540.77                598.40          143,606.19
10                  143,606.19                          1,139.17      538.52                600.64          143,005.54
160                     22,963.44                          1,139.17         86.11            1,053.05             21,910.39
161                     21,910.39                          1,139.17         82.16            1,057.00             20,853.39
162                     20,853.39                          1,139.17         78.20            1,060.97             19,792.42
business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Monthly Interest=(4.5/12)% 0.00375
A B C=A*0.00375 D=B-C E=A-D
Payment No. Beginning Loan balance Monthly Payment Interest Principal paid Loan Balance at End of month
10 143606.19 1139.17 538.52 600.65 143005.54
11 143005.54 1139.17 536.27 602.90 142402.64
12 142402.64 1139.17 534.01 605.16 141797.48
13 141797.48 1139.17 531.74 607.43 141190.05
14 141190.05 1139.17 529.46 609.71 140580.35
15 140580.35 1139.17 527.18 611.99 139968.35
16 139968.35 1139.17 524.88 614.29 139354.06
17 139354.06 1139.17 522.58 616.59 138737.47
18 138737.47 1139.17 520.27 618.90 138118.57
19 138118.57 1139.17 517.94 621.23 137497.34
20 137497.34 1139.17 515.62 623.55 136873.79
21 136873.79 1139.17 513.28 625.89 136247.89
22 136247.89 1139.17 510.93 628.24 135619.65
23 135619.65 1139.17 508.57 630.60 134989.06
24 134989.06 1139.17 506.21 632.96 134356.10
25 134356.10 1139.17 503.84 635.33 133720.76
26 133720.76 1139.17 501.45 637.72 133083.04
27 133083.04 1139.17 499.06 640.11 132442.94
28 132442.94 1139.17 496.66 642.51 131800.43
133720.76 1139.17 501.45 133083.04 1139.17 133083.04 499.06 132442.94 1139.17 28 132442.94 496.66 131800.43 644.92 1139.17 29117039.34 438.90 1139.17 116339.07 116339.07 1139.17 436.27 115636.17 114930.64 115636.17 1139.17 433.64 114930.64 430.99 1134 2 91915172662 2 6907131687 6 46802469134680246791246 654432100987665432110 6545693841999137286445704 9876544333222333445678
0 0
Add a comment
Know the answer?
Add Answer to:
Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12 Amount paid each...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • You wish to buy a car for $12,000 at a 5% annual interest rate, compounded monthly....

    You wish to buy a car for $12,000 at a 5% annual interest rate, compounded monthly. The loan will be repaid in 5 years with monthly payments. What is your monthly payment (calculated with the equations on the next page)? Compare your answer to that obtained with the built in function, PMT. Be sure to label all cells appropriately. (There is no need to create a monthly payment table, simply use the equations on the next page.) Loans: where: and,...

  • 1) You wish to borrow $150,000 from a lending institution for the purchase of a house....

    1) You wish to borrow $150,000 from a lending institution for the purchase of a house. The bank will lend this amount at an Annual Percentage Rate of 4.5% to be paid-off with equal monthly mortgage payments over a 30-year period. This is a 4.5% APR, 30-year fixed-rate mortgage loan. You wish to know how this loan will affect your federal income tax burden, as only the interest paid on a home mortgage, not the principal, is tax deductible. Construct...

  • A few years back, Dave and Jana bought a new home. They borrowed $230,415 at an...

    A few years back, Dave and Jana bought a new home. They borrowed $230,415 at an annual fixed rate of 5.49% (15-year term) with monthly payments of $1,881.46. They just made their twenty-fifth payment and the current balance on the loan is $208,555.87. Interest rates are at an all-time low, and Dave and Jana are thinking of refinancing to a new 15-year fixed loan. Their bank has made the following offer: 15-year term, 3.0%, plus out-of-pocket costs of $2,937. The...

  • You win the lottery! Do you wish to receive $2,000,000 in one payment now, or $167,000...

    You win the lottery! Do you wish to receive $2,000,000 in one payment now, or $167,000 per year for 30 years? To help you in your decision, estimate the present value of the second option assuming constant annual interest rates of 6%, 8%, and 10%. Expound on your decision within a text box. (You may use the built-in PV function within Excel) Loans: where: and, interest due at the end of each month A = payment P = principal (amount...

  • Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 ye

    Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 years. In terms of months, this is equivalent to 30 years multiplied by 12 months. We put our primary basis of payments in terms of months, which is why we need to convert everything...

  • aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is...

    aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is 3%, and you must amortize the loan over 10 years with equal end-of-year payments. A. Calculate the mortgage payment using the Excel function Rate Nper PV FV Payment B. Set up an amortization schedule that shows the annual payments and the amount of each payment that repays the principal and the amount that constitutes interest expense to the borrower and interest income to the...

  • Requiremeht1 Complete the data table DATA Loan Amount Interest Rate Periods 35,000 6% Requirement 2 Using...

    Requiremeht1 Complete the data table DATA Loan Amount Interest Rate Periods 35,000 6% Requirement 2 Using the present value of an ordinary annuity table, calculate the payment amount and complete the amortization schedule Use the effective interest amortization method. a. Calculate the loan payment by dividing the loan amount by the appropriate present value factor b. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the...

  • Loan (PV) Annual Rate Payments per Year Rate per Period (RATE) Years Payments (NPER) $375,000 6.50% 4 5...

    Loan (PV) Annual Rate Payments per Year Rate per Period (RATE) Years Payments (NPER) $375,000 6.50% 4 5 30 Amortization Schedule Year Period Remaining Principal Interest Payment Principal Payment Total Payment 1 1 1 2 1 3 1 4 2 5 2 6 2 7 2 8 3 9 3 10 3 11 3 12 4 13 4 14 4 15 4 16 5 17 5 18 5 19 5 20 Final Balance Need help on finishing in the blank...

  • An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h...

    An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h Calculate the repavment amounts if the loan ($15 000) will be repaid in two equal installments of $7.500 each, paid at the end of second and fourth years respectively. Interest will be paid each year Click the icon to view the interest and annuity table for discrete compounding when i- 12%% per year . a. The equal end-of-year payments required to pay off the...

  • Fulton Corporation purchases new manufacturing facilities and assumes a 10 year mortgage of $2 million. The...

    Fulton Corporation purchases new manufacturing facilities and assumes a 10 year mortgage of $2 million. The annual interest rate on the mortgage is 5.5% and payments are due at the end of each year. a. Determine the mortgage payment that Fulton Corporation must make each year. Round to the nearest dollar. b. Use Excel to prepare a mortgage amortization schedule for the 10 years. c. At the end of the first year, what amount will Fulton include as "current maturities...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT