Question

In: Finance

Please compute the additional payment. also please include the formula used in excel. Thanks! Auto Loan...

Please compute the additional payment. also please include the formula used in excel. Thanks!

Auto Loan Payment Calculator
Inputs
Auto Loan Amount $20,000
Annual Interest Rate 8.50%
Term of Loan in Years 3
First Payment Date 2/1/18
Last Payment Date 1/1/21
Frequency of Payment Monthly
Summary
Number of Payments 36
Rate (per period) 0.708%
Payment (per period) $631.35
Total Interest $2,728.63
Total Payments $22,728.63
No. Due Date Payment Due Additional Payment Interest Principal Balance
$20,000.00
1 2/1/18 631.35 0.00 141.67 489.68 19,510.32
2 3/1/18 631.35 0.00 138.20 493.15 19,017.17
3 4/1/18 631.35 0.00 134.70 496.65 18,520.52
4 5/1/18 631.35 0.00 131.19 500.16 18,020.36
5 6/1/18 631.35 0.00 127.64 503.71 17,516.65
6 7/1/18 631.35 0.00 124.08 507.27 17,009.38
7 8/1/18 631.35 0.00 120.48 510.87 16,498.50
8 9/1/18 631.35 0.00 116.86 514.49 15,984.01
9 10/1/18 631.35 0.00 113.22 518.13 15,465.88
10 11/1/18 631.35 0.00 109.55 521.80 14,944.08
11 12/1/18 631.35 0.00 105.85 525.50 14,418.58
12 1/1/19 631.35 0.00 102.13 529.22 13,889.36
13 2/1/19 631.35 0.00 98.38 532.97 13,356.39
14 3/1/19 631.35 0.00 94.61 536.74 12,819.65
15 4/1/19 631.35 0.00 90.81 540.54 12,279.11
16 5/1/19 631.35 0.00 86.98 544.37 11,734.74
17 6/1/19 631.35 0.00 83.12 548.23 11,186.51
18 7/1/19 631.35 0.00 79.24 552.11 10,634.40
19 8/1/19 631.35 0.00 75.33 556.02 10,078.38
20 9/1/19 631.35 0.00 71.39 559.96 9,518.42
21 10/1/19 631.35 0.00 67.42 563.93 8,954.48
22 11/1/19 631.35 0.00 63.43 567.92 8,386.56
23 12/1/19 631.35 0.00 59.40 571.95 7,814.61
24 1/1/20 631.35 0.00 55.35 576.00 7,238.61
25 2/1/20 631.35 0.00 51.27 580.08 6,658.53
26 3/1/20 631.35 0.00 47.16 584.19 6,074.34
27 4/1/20 631.35 0.00 43.03 588.32 5,486.02
28 5/1/20 631.35 0.00 38.86 592.49 4,893.53
29 6/1/20 631.35 0.00 34.66 596.69 4,296.84
30 7/1/20 631.35 0.00 30.44 600.91 3,695.93
31 8/1/20 631.35 0.00 26.18 605.17 3,090.76
32 9/1/20 631.35 0.00 21.89 609.46 2,481.30
33 10/1/20 631.35 0.00 17.58 613.77 1,867.53
34 11/1/20 631.35 0.00 13.23 618.12 1,249.40
35 12/1/20 631.35 0.00 8.85 622.50 626.90
36 1/1/21 631.34 0.00 4.44 626.90 0.00

Solutions

Expert Solution

No.

Due Date

Payment Due

Additional Payment

Interest

Principal

Balance

$20,000.00

1

2/1/2018

631.35

$489.68

141.6667

$489.68

19,510.32

2

3/1/2018

631.35

$493.15

138.1981

$493.15

19,017.16

3

4/1/2018

631.35

$496.65

134.7049

$496.65

18,520.52

4

5/1/2018

631.35

$500.16

131.187

$500.16

18,020.36

5

6/1/2018

631.35

$503.71

127.6442

$503.71

17,516.65

6

7/1/2018

631.35

$507.27

124.0763

$507.27

17,009.38

7

8/1/2018

631.35

$510.87

120.4831

$510.87

16,498.51

8

9/1/2018

631.35

$514.49

116.8644

$514.49

15,984.02

9

10/1/2018

631.35

$518.13

113.2202

$518.13

15,465.89

10

11/1/2018

631.35

$521.80

109.5501

$521.80

14,944.09

11

12/1/2018

631.35

$525.50

105.854

$525.50

14,418.60

12

1/1/2019

631.35

$529.22

102.1317

$529.22

13,889.38

13

2/1/2019

631.35

$532.97

98.38311

$532.97

13,356.41

14

3/1/2019

631.35

$536.74

94.60793

$536.74

12,819.67

15

4/1/2019

631.35

$540.54

90.80601

$540.54

12,279.13

16

5/1/2019

631.35

$544.37

86.97715

$544.37

11,734.75

17

6/1/2019

631.35

$548.23

83.12118

$548.23

11,186.53

18

7/1/2019

631.35

$552.11

79.23789

$552.11

10,634.41

19

8/1/2019

631.35

$556.02

75.3271

$556.02

10,078.39

20

9/1/2019

631.35

$559.96

71.3886

$559.96

9,518.43

21

10/1/2019

631.35

$563.93

67.42221

$563.93

8,954.50

22

11/1/2019

631.35

$567.92

63.42772

$567.92

8,386.58

23

12/1/2019

631.35

$571.95

59.40494

$571.95

7,814.63

24

1/1/2020

631.35

$576.00

55.35366

$576.00

7,238.64

25

2/1/2020

631.35

$580.08

51.27369

$580.08

6,658.56

26

3/1/2020

631.35

$584.19

47.16481

$584.19

6,074.38

27

4/1/2020

631.35

$588.32

43.02684

$588.32

5,486.05

28

5/1/2020

631.35

$592.49

38.85955

$592.49

4,893.56

29

6/1/2020

631.35

$596.69

34.66274

$596.69

4,296.88

30

7/1/2020

631.35

$600.91

30.4362

$600.91

3,695.96

31

8/1/2020

631.35

$605.17

26.17973

$605.17

3,090.79

32

9/1/2020

631.35

$609.46

21.89311

$609.46

2,481.33

33

10/1/2020

631.35

$613.77

17.57612

$613.77

1,867.56

34

11/1/2020

631.35

$618.12

13.22856

$618.12

1,249.44

35

12/1/2020

631.35

$622.50

8.850197

$622.50

626.94

36

1/1/2021

631.34

$626.90

4.440823

$626.90

0.04

The above is worked on excel and pasted.

EXCEL FORMULA.

Step 1: additional payment = payment made-interest

Step 2 Interest= 8.5%o0f remaining balance

Step 3: Principal paid= additional paid

jeff jeffy answered 1 year ago
Next > < Previous

Related Solutions

please use excel to do it. it also need to come with formula. formula is very...
please use excel to do it. it also need to come with formula. formula is very important. many many thanks. Prepare a sales budget for January through March and for the Quarter in total. The selling price per unit is $50.00. December of the previous year           20,000 January                                     100,000 February                                   80,000 March                                       60,000 April                                         40,000                           2. Prepare a purchases budget and the schedule for Disbursements for Purchases for January through March and for the first quarter in total. Assume...
The monthly payment on a loan may be calculated by the following formula: Payment =    Rate *...
The monthly payment on a loan may be calculated by the following formula: Payment =    Rate * (1 + Rate)N ((1 + Rate)N -1) Rate is the monthly interest rate, which is the annual interest rate divided by 12. (12 percent annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these (Input) values then displays a report similar to: Loan Amount:            $...
Please explain your answers and use Excel to show the excel formula you used to get...
Please explain your answers and use Excel to show the excel formula you used to get your solution. 6. A manufacturing process produces connecting rods whose diameter is normally distributed with mean 1.495 cm and standard deviation .05 cm. In what range will the “middle 80%” of the diameters lie? What about the “middle 98%”?
Please select and define two ratios that measure liquidity and solvency. Please also include the formula...
Please select and define two ratios that measure liquidity and solvency. Please also include the formula for those ratios.
Compute the monthly payment for a $133,440 home loan. The stated interest of the loan is...
Compute the monthly payment for a $133,440 home loan. The stated interest of the loan is 5% with monthly payments. The loan amortization is over 25 years.
Please show me how to do the following in excel. An additional "show formulas" would also...
Please show me how to do the following in excel. An additional "show formulas" would also be helpful. NOK Plastics is considering the acquisition of a new plastic injection-molding machine to make a line of plastic fittings. The cost of the machine and dies is $125,000. Shipping and installation is another $8,000. NOK estimates that new project will require $7,500 in inventory, and result in a $7,500 increase in accounts receivable and a $5,000 increase in accounts payable. The latter...
Answer using excel and please provide excel instructions for all outputs meaning what formula was used...
Answer using excel and please provide excel instructions for all outputs meaning what formula was used to calculate the output and how was it implemented using excel and which excel functions to use. Thank you. Conch Republic Electronics is a midsized electronics manufacturer located in Key West, Florida. The company president is Shelly Couts, who inherited the company. The company originally repaired radios and other household appliances when it was founded over 70 years ago. Over the years, the company...
**Please, Show work and Formula in excel sheet** Your initial loan amount is $200,000. The APR...
**Please, Show work and Formula in excel sheet** Your initial loan amount is $200,000. The APR is 5%. The number of years of the loan is 20 years. Generate the amortization table for the given loan. Assume this is the mortgage on your house. If you elected to pay an additional principal amount of $150.00 each month, in how many months would you pay off your mortgage? Not considering taxes, how much would you save in interest paid to service...
Please use the data to answer the following question: Compute the total loan amount, monthly payment,...
Please use the data to answer the following question: Compute the total loan amount, monthly payment, and total interest payment for different down payment amount. Plot payment and total interest, and discuss how they change with respect to down payment amount. Auto Loan Payment Calculator Inputs Auto Loan Amount $20,000 Annual Interest Rate 8.50% Term of Loan in Years 3 First Payment Date 2/1/18 Last Payment Date 1/1/21 Frequency of Payment Monthly Summary Number of Payments 36 Rate (per period)...
please answer from 6th question Excel Hydro took a loan contract which requires a payment of...
please answer from 6th question Excel Hydro took a loan contract which requires a payment of $40 million plus interest two years after the contract's date of issue. The interest rate on the $40 million face value is 9.6% compounded quarterly. Before the maturity date, the original lender sold the contract to a pension fund for $43 million. The sale price was based on a discount rate of 8.5% compounded semi-annually from the date of sale. Excel Hydro is also...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT