Question

Please provide specific excel formulas that would be used to get the answers, not just the answers in general. For example: =PV(.085,8,5000,1000,0)

Or referencing specific cells

Answer 1

Solution 1:

Computation of Monthly Loan Payment
Rate	0.005625
Nper	60
PMT	($597.39)	Monthly Loan Payment
PV	30350
FV	0
Type	0

2 Computation of Monthly Loan Payment -0.0675/12 60 4 Rate Nper PMT PV FV PMT(C4,C5,C7,0,C9) Monthly Loan Payment 33100-2750 0 0 ype

Solution 2:

Loan Amortization Schedule
Period	Interest expense	Monthly Payment	Principal payment	Principal Balance
0				$30,350.00
1	$170.72	$597.39	$426.67	$29,923.33
2	$168.32	$597.39	$429.07	$29,494.26
3	$165.91	$597.39	$431.48	$29,062.77
4	$163.48	$597.39	$433.91	$28,628.86
5	$161.04	$597.39	$436.35	$28,192.51
6	$158.58	$597.39	$438.81	$27,753.70
7	$156.11	$597.39	$441.28	$27,312.43
8	$153.63	$597.39	$443.76	$26,868.67
9	$151.14	$597.39	$446.25	$26,422.41
10	$148.63	$597.39	$448.76	$25,973.65
11	$146.10	$597.39	$451.29	$25,522.36
12	$143.56	$597.39	$453.83	$25,068.54
13	$141.01	$597.39	$456.38	$24,612.16
14	$138.44	$597.39	$458.95	$24,153.21
15	$135.86	$597.39	$461.53	$23,691.68
16	$133.27	$597.39	$464.12	$23,227.56
17	$130.66	$597.39	$466.73	$22,760.82
18	$128.03	$597.39	$469.36	$22,291.46
19	$125.39	$597.39	$472.00	$21,819.46
20	$122.73	$597.39	$474.66	$21,344.81
21	$120.06	$597.39	$477.33	$20,867.48
22	$117.38	$597.39	$480.01	$20,387.47
23	$114.68	$597.39	$482.71	$19,904.76
24	$111.96	$597.39	$485.43	$19,419.33
25	$109.23	$597.39	$488.16	$18,931.18
26	$106.49	$597.39	$490.90	$18,440.27
27	$103.73	$597.39	$493.66	$17,946.61
28	$100.95	$597.39	$496.44	$17,450.17
29	$98.16	$597.39	$499.23	$16,950.94
30	$95.35	$597.39	$502.04	$16,448.90
31	$92.53	$597.39	$504.86	$15,944.03
32	$89.69	$597.39	$507.70	$15,436.33
33	$86.83	$597.39	$510.56	$14,925.77
34	$83.96	$597.39	$513.43	$14,412.33
35	$81.07	$597.39	$516.32	$13,896.01
36	$78.17	$597.39	$519.22	$13,376.79
37	$75.24	$597.39	$522.15	$12,854.64
38	$72.31	$597.39	$525.08	$12,329.56
39	$69.35	$597.39	$528.04	$11,801.52
40	$66.38	$597.39	$531.01	$11,270.52
41	$63.40	$597.39	$533.99	$10,736.52
42	$60.39	$597.39	$537.00	$10,199.53
43	$57.37	$597.39	$540.02	$9,659.51
44	$54.33	$597.39	$543.06	$9,116.45
45	$51.28	$597.39	$546.11	$8,570.34
46	$48.21	$597.39	$549.18	$8,021.16
47	$45.12	$597.39	$552.27	$7,468.89
48	$42.01	$597.39	$555.38	$6,913.51
49	$38.89	$597.39	$558.50	$6,355.01
50	$35.75	$597.39	$561.64	$5,793.37
51	$32.59	$597.39	$564.80	$5,228.57
52	$29.41	$597.39	$567.98	$4,660.59
53	$26.22	$597.39	$571.17	$4,089.41
54	$23.00	$597.39	$574.39	$3,515.03
55	$19.77	$597.39	$577.62	$2,937.41
56	$16.52	$597.39	$580.87	$2,356.54
57	$13.26	$597.39	$584.13	$1,772.41
58	$9.97	$597.39	$587.42	$1,184.99
59	$6.67	$597.39	$590.72	$594.26
60	$3.34	$597.39	$594.05	$0.22
Total	$5,494	$35,843	$30,350

Solution 3:

How much total interest will you pay over the term of loan = $5,494

Solution 4:

If you come into an unexpected sum of cash in three years, how much will you need to settle the loan = Loan balance at 36th period = $13,377