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 2 years ago
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