Question
In: Finance
You borrow $29,000 to buy a car. You plan to payoff the car within 6 years...
You borrow $29,000 to buy a car. You plan to payoff the car within 6 years and the APR on the car loan is 2.99%. Using an excel to create an amortization for this car payment for 72 months. Please print out your excel and turn it in for 6 points extra credit on the test. You need to turn in your own work.
Can you post 24-61 please?
| Month | Beginning Balance | Monthly Payment | Interest Paid | Principal Paid | Ending Balance |
|
1 2 3 ... 72 |
|||||
| Total |
Solutions
Expert Solution
| P = | Regular Payments | ||||
| PV = | Loan Amount | ||||
| r = | rate of interest | ||||
| n = | no of periods | ||||
| P = | r (PV) | ||||
| 1 - (1 + r )-n | |||||
| P = | (2.99%/12)*29000 | ||||
| 1 - (1 / (1 + 2.99%/12)^72)) | |||||
| P = | 72.25833333 | ||||
| 0.164041968 | |||||
| P = | 440.49 | ||||
| Beginning Balance | Monthly Payment | Interest | Principal | Ending Balance | |
| 1 | $29,000.00 | $ 440.49 | $72.26 | $368.23 | $28,631.77 |
| 2 | $28,631.77 | $ 440.49 | $71.34 | $369.15 | $28,262.63 |
| 3 | $28,262.63 | $ 440.49 | $70.42 | $370.07 | $27,892.56 |
| 4 | $27,892.56 | $ 440.49 | $69.50 | $370.99 | $27,521.57 |
| 5 | $27,521.57 | $ 440.49 | $68.57 | $371.91 | $27,149.66 |
| 6 | $27,149.66 | $ 440.49 | $67.65 | $372.84 | $26,776.82 |
| 7 | $26,776.82 | $ 440.49 | $66.72 | $373.77 | $26,403.05 |
| 8 | $26,403.05 | $ 440.49 | $65.79 | $374.70 | $26,028.35 |
| 9 | $26,028.35 | $ 440.49 | $64.85 | $375.63 | $25,652.72 |
| 10 | $25,652.72 | $ 440.49 | $63.92 | $376.57 | $25,276.15 |
| 11 | $25,276.15 | $ 440.49 | $62.98 | $377.51 | $24,898.64 |
| 12 | $24,898.64 | $ 440.49 | $62.04 | $378.45 | $24,520.20 |
| Year #1 End | |||||
| 13 | $24,520.20 | $ 440.49 | $61.10 | $379.39 | $24,140.81 |
| 14 | $24,140.81 | $ 440.49 | $60.15 | $380.34 | $23,760.47 |
| 15 | $23,760.47 | $ 440.49 | $59.20 | $381.28 | $23,379.19 |
| 16 | $23,379.19 | $ 440.49 | $58.25 | $382.23 | $22,996.95 |
| 17 | $22,996.95 | $ 440.49 | $57.30 | $383.19 | $22,613.77 |
| 18 | $22,613.77 | $ 440.49 | $56.35 | $384.14 | $22,229.63 |
| 19 | $22,229.63 | $ 440.49 | $55.39 | $385.10 | $21,844.53 |
| 20 | $21,844.53 | $ 440.49 | $54.43 | $386.06 | $21,458.47 |
| 21 | $21,458.47 | $ 440.49 | $53.47 | $387.02 | $21,071.45 |
| 22 | $21,071.45 | $ 440.49 | $52.50 | $387.98 | $20,683.47 |
| 23 | $20,683.47 | $ 440.49 | $51.54 | $388.95 | $20,294.52 |
| 24 | $20,294.52 | $ 440.49 | $50.57 | $389.92 | $19,904.60 |
| Year #2 End | |||||
| 25 | $19,904.60 | $ 440.49 | $49.60 | $390.89 | $19,513.70 |
| 26 | $19,513.70 | $ 440.49 | $48.62 | $391.87 | $19,121.84 |
| 27 | $19,121.84 | $ 440.49 | $47.65 | $392.84 | $18,729.00 |
| 28 | $18,729.00 | $ 440.49 | $46.67 | $393.82 | $18,335.18 |
| 29 | $18,335.18 | $ 440.49 | $45.69 | $394.80 | $17,940.38 |
| 30 | $17,940.38 | $ 440.49 | $44.70 | $395.79 | $17,544.59 |
| 31 | $17,544.59 | $ 440.49 | $43.72 | $396.77 | $17,147.82 |
| 32 | $17,147.82 | $ 440.49 | $42.73 | $397.76 | $16,750.06 |
| 33 | $16,750.06 | $ 440.49 | $41.74 | $398.75 | $16,351.31 |
| 34 | $16,351.31 | $ 440.49 | $40.74 | $399.74 | $15,951.56 |
| 35 | $15,951.56 | $ 440.49 | $39.75 | $400.74 | $15,550.82 |
| 36 | $15,550.82 | $ 440.49 | $38.75 | $401.74 | $15,149.08 |
| Year #3 End | |||||
| 37 | $15,149.08 | $ 440.49 | $37.75 | $402.74 | $14,746.34 |
| 38 | $14,746.34 | $ 440.49 | $36.74 | $403.74 | $14,342.60 |
| 39 | $14,342.60 | $ 440.49 | $35.74 | $404.75 | $13,937.85 |
| 40 | $13,937.85 | $ 440.49 | $34.73 | $405.76 | $13,532.09 |
| 41 | $13,532.09 | $ 440.49 | $33.72 | $406.77 | $13,125.32 |
| 42 | $13,125.32 | $ 440.49 | $32.70 | $407.78 | $12,717.54 |
| 43 | $12,717.54 | $ 440.49 | $31.69 | $408.80 | $12,308.74 |
| 44 | $12,308.74 | $ 440.49 | $30.67 | $409.82 | $11,898.92 |
| 45 | $11,898.92 | $ 440.49 | $29.65 | $410.84 | $11,488.08 |
| 46 | $11,488.08 | $ 440.49 | $28.62 | $411.86 | $11,076.22 |
| 47 | $11,076.22 | $ 440.49 | $27.60 | $412.89 | $10,663.33 |
| 48 | $10,663.33 | $ 440.49 | $26.57 | $413.92 | $10,249.41 |
| Year #4 End | |||||
| 49 | $10,249.41 | $ 440.49 | $25.54 | $414.95 | $9,834.46 |
| 50 | $9,834.46 | $ 440.49 | $24.50 | $415.98 | $9,418.48 |
| 51 | $9,418.48 | $ 440.49 | $23.47 | $417.02 | $9,001.46 |
| 52 | $9,001.46 | $ 440.49 | $22.43 | $418.06 | $8,583.40 |
| 53 | $8,583.40 | $ 440.49 | $21.39 | $419.10 | $8,164.30 |
| 54 | $8,164.30 | $ 440.49 | $20.34 | $420.14 | $7,744.16 |
| 55 | $7,744.16 | $ 440.49 | $19.30 | $421.19 | $7,322.97 |
| 56 | $7,322.97 | $ 440.49 | $18.25 | $422.24 | $6,900.73 |
| 57 | $6,900.73 | $ 440.49 | $17.19 | $423.29 | $6,477.44 |
| 58 | $6,477.44 | $ 440.49 | $16.14 | $424.35 | $6,053.09 |
| 59 | $6,053.09 | $ 440.49 | $15.08 | $425.40 | $5,627.68 |
| 60 | $5,627.68 | $ 440.49 | $14.02 | $426.46 | $5,201.22 |
| Year #5 End | |||||
| 61 | $5,201.22 | $ 440.49 | $12.96 | $427.53 | $4,773.69 |
| 62 | $4,773.69 | $ 440.49 | $11.89 | $428.59 | $4,345.10 |
| 63 | $4,345.10 | $ 440.49 | $10.83 | $429.66 | $3,915.44 |
| 64 | $3,915.44 | $ 440.49 | $9.76 | $430.73 | $3,484.71 |
| 65 | $3,484.71 | $ 440.49 | $8.68 | $431.80 | $3,052.91 |
| 66 | $3,052.91 | $ 440.49 | $7.61 | $432.88 | $2,620.03 |
| 67 | $2,620.03 | $ 440.49 | $6.53 | $433.96 | $2,186.07 |
| 68 | $2,186.07 | $ 440.49 | $5.45 | $435.04 | $1,751.03 |
| 69 | $1,751.03 | $ 440.49 | $4.36 | $436.12 | $1,314.90 |
| 70 | $1,314.90 | $ 440.49 | $3.28 | $437.21 | $877.69 |
| 71 | $877.69 | $ 440.49 | $2.19 | $438.30 | $439.39 |
| 72 | $439.39 | $ 440.49 | $1.09 | $439.39 | $0.00 |
| Year #6 End | |||||
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