Question
In: Finance
1.Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments...
1.Determine the payment to amortize the debt. (Round your answer to the nearest cent.)
Quarterly payments on $19,500 at 3.2% for 6 years.
2.Calculate the present value of the annuity. (Round your answer to the nearest cent.)
$13,000 annually at 5% for 10 years.
3.In the following ordinary annuity, the interest is compounded
with each payment, and the payment is made at the end of the
compounding period.
How much must you invest each month in a mutual fund yielding 13.5%
compounded monthly to become a millionaire in 10 years? (Round your
answer to the nearest cent.)
4.In the following ordinary annuity, the interest is compounded
with each payment, and the payment is made at the end of the
compounding period.
Find the required payment for the sinking fund. (Round your answer
to the nearest cent.)
Monthly deposits earning 5% to accumulate $4000 after 10 years.
Solutions
Expert Solution
| Loan Amortization Schedule | |||||||||
| Enter values | Loan summary | ||||||||
| Loan amount | $ 19,500.00 | Scheduled payment | $ 896.23 | ||||||
| Annual interest rate | 3.20 % | Scheduled number of payments | 24 | ||||||
| Loan period in years | 6 | Actual number of payments | 24 | ||||||
| Number of payments per year | 4 | Total early payments | $ - | ||||||
| Start date of loan | 31-12-2016 | Total interest | $ 81,25,24,687.30 | ||||||
| Optional extra payments | $ - | ||||||||
| Lender name: | |||||||||
| Pmt. No. | Payment Date | Beginning Balance | Scheduled Payment | Extra Payment | Total Payment | Principal | Interest | Ending Balance | Cumulative Interest |
| 1 | 31-03-2017 | $ 19,500.00 | $ 896.23 | $ - | $ 896.23 | $ 740.23 | $ 156.00 | $ 18,759.77 | $ 156.00 |
| 2 | 01-07-2017 | $ 18,759.77 | $ 896.23 | $ - | $ 896.23 | $ 746.15 | $ 150.08 | $ 18,013.62 | $ 306.08 |
| 3 | 01-10-2017 | $ 18,013.62 | $ 896.23 | $ - | $ 896.23 | $ 752.12 | $ 144.11 | $ 17,261.50 | $ 450.19 |
| 4 | 31-12-2017 | $ 17,261.50 | $ 896.23 | $ - | $ 896.23 | $ 758.14 | $ 138.09 | $ 16,503.36 | $ 588.28 |
| 5 | 31-03-2018 | $ 16,503.36 | $ 896.23 | $ - | $ 896.23 | $ 764.20 | $ 132.03 | $ 15,739.15 | $ 720.31 |
| 6 | 01-07-2018 | $ 15,739.15 | $ 896.23 | $ - | $ 896.23 | $ 770.32 | $ 125.91 | $ 14,968.84 | $ 846.22 |
| 7 | 01-10-2018 | $ 14,968.84 | $ 896.23 | $ - | $ 896.23 | $ 776.48 | $ 119.75 | $ 14,192.36 | $ 965.97 |
| 8 | 31-12-2018 | $ 14,192.36 | $ 896.23 | $ - | $ 896.23 | $ 782.69 | $ 113.54 | $ 13,409.67 | $ 1,079.51 |
| 9 | 31-03-2019 | $ 13,409.67 | $ 896.23 | $ - | $ 896.23 | $ 788.95 | $ 107.28 | $ 12,620.71 | $ 1,186.79 |
| 10 | 01-07-2019 | $ 12,620.71 | $ 896.23 | $ - | $ 896.23 | $ 795.26 | $ 100.97 | $ 11,825.45 | $ 1,287.75 |
| 11 | 01-10-2019 | $ 11,825.45 | $ 896.23 | $ - | $ 896.23 | $ 801.63 | $ 94.60 | $ 11,023.82 | $ 1,382.36 |
| 12 | 31-12-2019 | $ 11,023.82 | $ 896.23 | $ - | $ 896.23 | $ 808.04 | $ 88.19 | $ 10,215.78 | $ 1,470.55 |
| 13 | 31-03-2020 | $ 10,215.78 | $ 896.23 | $ - | $ 896.23 | $ 814.50 | $ 81.73 | $ 9,401.28 | $ 1,552.27 |
| 14 | 01-07-2020 | $ 9,401.28 | $ 896.23 | $ - | $ 896.23 | $ 821.02 | $ 75.21 | $ 8,580.26 | $ 1,627.48 |
| 15 | 01-10-2020 | $ 8,580.26 | $ 896.23 | $ - | $ 896.23 | $ 827.59 | $ 68.64 | $ 7,752.67 | $ 1,696.12 |
| 16 | 31-12-2020 | $ 7,752.67 | $ 896.23 | $ - | $ 896.23 | $ 834.21 | $ 62.02 | $ 6,918.46 | $ 1,758.15 |
| 17 | 31-03-2021 | $ 6,918.46 | $ 896.23 | $ - | $ 896.23 | $ 840.88 | $ 55.35 | $ 6,077.58 | $ 1,813.49 |
| 18 | 01-07-2021 | $ 6,077.58 | $ 896.23 | $ - | $ 896.23 | $ 847.61 | $ 48.62 | $ 5,229.97 | $ 1,862.11 |
| 19 | 01-10-2021 | $ 5,229.97 | $ 896.23 | $ - | $ 896.23 | $ 854.39 | $ 41.84 | $ 4,375.58 | $ 1,903.95 |
| 20 | 31-12-2021 | $ 4,375.58 | $ 896.23 | $ - | $ 896.23 | $ 861.23 | $ 35.00 | $ 3,514.35 | $ 1,938.96 |
| 21 | 31-03-2022 | $ 3,514.35 | $ 896.23 | $ - | $ 896.23 | $ 868.12 | $ 28.11 | $ 2,646.24 | $ 1,967.07 |
| 22 | 01-07-2022 | $ 2,646.24 | $ 896.23 | $ - | $ 896.23 | $ 875.06 | $ 21.17 | $ 1,771.18 | $ 1,988.24 |
| 23 | 01-10-2022 | $ 1,771.18 | $ 896.23 | $ - | $ 896.23 | $ 882.06 | $ 14.17 | $ 889.12 | $ 2,002.41 |
| 24 | 31-12-2022 | $ 889.12 | $ 896.23 | $ - | $ 889.12 | $ 882.00 | $ 7.11 | $ - | $ 2,009.53 |
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