Bob Jones bought a new log cabin for $64,000 at 10.5% interest for 30 years. Prepare an amortization schedule for the fi...
Bob Jones bought a new log cabin for $64,000 at 10.5% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)
Homework Answers
| The annual payments of the loan is $7,073.86 ($64,000/9.0474) | |||||
| PMT = | P | ||||
| ((1 - (1 / (1 + r) ^ n)) / r) x (1 + r) | |||||
| P = the present value of an annuity stream | |||||
| PMT = the dollar amount of each annuity payment | |||||
| r = the interest rate | |||||
| n = the number of periods in which payments will be made | |||||
| Periods | Beg. Balance | Period payment | Interest payment | Principal payment | End Balance |
| 1 | $64,000.00 | $7,073.86 | $6,720.00 | $353.86 | $63,646.14 |
| 2 | $63,646.14 | $7,073.86 | $6,682.84 | $391.02 | $63,255.12 |
| 3 | $63,255.12 | $7,073.86 | $6,641.79 | $432.07 | $62,823.05 |
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Bob Jones bought a new log cabin for $64,000 at 10.5% interest for 30 years. Prepare an amortization schedule for the fi...
Bob Jones bought a new log cabin for $82.000 at 11% interest for 30 years. Prepare...
Bob Jones bought a new log cabin for $82.000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Portion to Payment Number Balance of loan outstanding Interest Principal 1 2 3 s
Bob Jones bought a new log cabin for $81,000 at 10% interest for 30 years. Prepare...
Bob Jones bought a new log cabin for $81,000 at 10% interest for
30 years. Prepare an amortization schedule for the first three
periods. (Use Table 15.1.) (Do not round intermediate
calculations. Round your final answers to the nearest
cent.)
Portion to—
Payment number
Interest
Principal
Balance of loan
outstanding
1
$
$
$
2
$
$
$
3
$
$
$
TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term 31% 9.89 10.6 10.86 11.11 1136...
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Bob Jones bought a new log cabin for $82.000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Portion to Payment Number Balance of loan outstanding Interest Principal 1 2 3 s
Bob Jones bought a new log cabin for $81,000 at 10% interest for
30 years. Prepare an amortization schedule for the first three
periods. (Use Table 15.1.) (Do not round intermediate
calculations. Round your final answers to the nearest
cent.)
Portion to—
Payment number
Interest
Principal
Balance of loan
outstanding
1
$
$
$
2
$
$
$
3
$
$
$
TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term 31% 9.89 10.6 10.86 11.11 1136...
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