Question
In: Finance
Create a loan amortization schedule in excell for a $27,000 car loan that will be repaid...
Create a loan amortization schedule in excell for a $27,000 car loan that will be repaid over 48 months at an annual interest rate of 6%.
What is your monthly payment? _$_
What is the total dollar amount of payments made over the life of this loan? $____
What is the total dollar amount of interest paid over the life of this loan? $___________
How many months will it take to pay off the loan if you pay an extra $100 per
month? ___________
Solutions
Expert Solution
| Balance Amount | $ 27,000.00 | ||||
| Annual Interest rate | 6.00% | ||||
| Terms in years | 48 | ||||
| Payment((6%/12),48,$27000,0) | ($634.10) | ||||
| a) | Monthly payment on this mortgage= | $634.10 | |||
| b) | Total dollar amount of payment made over the life of this loan=($634.10*48) | $30,436.60 | |||
| C) | Total dollar amount of Interest payment made over the life of this loan=($30435.60-$27000) | $3,436.60 | |||
| (A) | (B) | (C )=(A)*(6%/12) | (D )=(B)-(C ) | ||
| Period | Loan Balance | Payment | Interest | Principal | |
| 1 | $ 27,000.00 | $ 634.10 | $ 135.00 | $ 499.10 | |
| 2 | $ 26,500.90 | $ 634.10 | $ 132.50 | $ 501.59 | |
| 3 | $ 25,999.31 | $ 634.10 | $ 130.00 | $ 504.10 | |
| 4 | $ 25,495.21 | $ 634.10 | $ 127.48 | $ 506.62 | |
| 5 | $ 24,988.59 | $ 634.10 | $ 124.94 | $ 509.15 | |
| 6 | $ 24,479.44 | $ 634.10 | $ 122.40 | $ 511.70 | |
| 7 | $ 23,967.74 | $ 634.10 | $ 119.84 | $ 514.26 | |
| 8 | $ 23,453.49 | $ 634.10 | $ 117.27 | $ 516.83 | |
| 9 | $ 22,936.66 | $ 634.10 | $ 114.68 | $ 519.41 | |
| 10 | $ 22,417.24 | $ 634.10 | $ 112.09 | $ 522.01 | |
| 11 | $ 21,895.24 | $ 634.10 | $ 109.48 | $ 524.62 | |
| 12 | $ 21,370.62 | $ 634.10 | $ 106.85 | $ 527.24 | |
| 13 | $ 20,843.37 | $ 634.10 | $ 104.22 | $ 529.88 | |
| 14 | $ 20,313.49 | $ 634.10 | $ 101.57 | $ 532.53 | |
| 15 | $ 19,780.97 | $ 634.10 | $ 98.90 | $ 535.19 | |
| 16 | $ 19,245.77 | $ 634.10 | $ 96.23 | $ 537.87 | |
| 17 | $ 18,707.91 | $ 634.10 | $ 93.54 | $ 540.56 | |
| 18 | $ 18,167.35 | $ 634.10 | $ 90.84 | $ 543.26 | |
| 19 | $ 17,624.09 | $ 634.10 | $ 88.12 | $ 545.98 | |
| 20 | $ 17,078.12 | $ 634.10 | $ 85.39 | $ 548.71 | |
| 21 | $ 16,529.41 | $ 634.10 | $ 82.65 | $ 551.45 | |
| 22 | $ 15,977.96 | $ 634.10 | $ 79.89 | $ 554.21 | |
| 23 | $ 15,423.76 | $ 634.10 | $ 77.12 | $ 556.98 | |
| 24 | $ 14,866.78 | $ 634.10 | $ 74.33 | $ 559.76 | |
| 25 | $ 14,307.02 | $ 634.10 | $ 71.54 | $ 562.56 | |
| 26 | $ 13,744.46 | $ 634.10 | $ 68.72 | $ 565.37 | |
| 27 | $ 13,179.08 | $ 634.10 | $ 65.90 | $ 568.20 | |
| 28 | $ 12,610.88 | $ 634.10 | $ 63.05 | $ 571.04 | |
| 29 | $ 12,039.84 | $ 634.10 | $ 60.20 | $ 573.90 | |
| 30 | $ 11,465.95 | $ 634.10 | $ 57.33 | $ 576.77 | |
| 31 | $ 10,889.18 | $ 634.10 | $ 54.45 | $ 579.65 | |
| 32 | $ 10,309.53 | $ 634.10 | $ 51.55 | $ 582.55 | |
| 33 | $ 9,726.98 | $ 634.10 | $ 48.63 | $ 585.46 | |
| 34 | $ 9,141.52 | $ 634.10 | $ 45.71 | $ 588.39 | |
| 35 | $ 8,553.13 | $ 634.10 | $ 42.77 | $ 591.33 | |
| 36 | $ 7,961.80 | $ 634.10 | $ 39.81 | $ 594.29 | |
| 37 | $ 7,367.52 | $ 634.10 | $ 36.84 | $ 597.26 | |
| 38 | $ 6,770.26 | $ 634.10 | $ 33.85 | $ 600.24 | |
| 39 | $ 6,170.01 | $ 634.10 | $ 30.85 | $ 603.25 | |
| 40 | $ 5,566.77 | $ 634.10 | $ 27.83 | $ 606.26 | |
| 41 | $ 4,960.51 | $ 634.10 | $ 24.80 | $ 609.29 | |
| 42 | $ 4,351.21 | $ 634.10 | $ 21.76 | $ 612.34 | |
| 43 | $ 3,738.87 | $ 634.10 | $ 18.69 | $ 615.40 | |
| 44 | $ 3,123.47 | $ 634.10 | $ 15.62 | $ 618.48 | |
| 45 | $ 2,504.99 | $ 634.10 | $ 12.52 | $ 621.57 | |
| 46 | $ 1,883.42 | $ 634.10 | $ 9.42 | $ 624.68 | |
| 47 | $ 1,258.74 | $ 634.10 | $ 6.29 | $ 627.80 | |
| 48 | $ 630.94 | $ 634.10 | $ 3.15 | $ 630.94 | |
| 49 | $ 0.00 |
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