loan: $ 30,000.00 total payment: $500 APR(%): 8 part A: calculate the period rate assuming monthly...

loan: $ 30,000.00

total payment: $500

APR(%): 8

part A: calculate the period rate assuming monthly compounding

partB: do the amortization schedule and use it to answer parts C and D

partC: what is the life of your loan

part D: what is the total interest payment over the life of the loan?

Solutions

Expert Solution

NOTE: You can use =NPER function to calculated period and divided it by 12 to calculated year time. You can use =CUMIPMT fuction to caluculate cumulative interest payment.

If you have, any doubt please ask me in the comment section.

jeff jeffy answered 1 year ago

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