In: Finance
You just took a $90,000, 10 years loan. The annual percentage rate (APR) is 8%. You are obligated to pay a flat payment at the end of each QUARTER. (a) Make a loan amortization table; (b) Plot a figure to show the flat payment, payment to interest, and payment in each quarter. SHOW IN EXCEL PLEASE
| Amortization Schedule | ||||
| $90,000.00 at 8% interest | ||||
| with 40 quarterly payments | ||||
| at Constant Principal Payments of $2250 | ||||
| Total Payments: $126,900.00 Total Interest: $36,900.00 | ||||
| PERIOD | PAYMENT | PRINCIPAL | INTEREST | BALANCE OWED | 
| 1 | 4050 | 2250 | 1800 | 87750 | 
| 2 | 4005 | 2250 | 1755 | 85500 | 
| 3 | 3960 | 2250 | 1710 | 83250 | 
| 4 | 3915 | 2250 | 1665 | 81000 | 
| 5 | 3870 | 2250 | 1620 | 78750 | 
| 6 | 3825 | 2250 | 1575 | 76500 | 
| 7 | 3780 | 2250 | 1530 | 74250 | 
| 8 | 3735 | 2250 | 1485 | 72000 | 
| 9 | 3690 | 2250 | 1440 | 69750 | 
| 10 | 3645 | 2250 | 1395 | 67500 | 
| 11 | 3600 | 2250 | 1350 | 65250 | 
| 12 | 3555 | 2250 | 1305 | 63000 | 
| 13 | 3510 | 2250 | 1260 | 60750 | 
| 14 | 3465 | 2250 | 1215 | 58500 | 
| 15 | 3420 | 2250 | 1170 | 56250 | 
| 16 | 3375 | 2250 | 1125 | 54000 | 
| 17 | 3330 | 2250 | 1080 | 51750 | 
| 18 | 3285 | 2250 | 1035 | 49500 | 
| 19 | 3240 | 2250 | 990 | 47250 | 
| 20 | 3195 | 2250 | 945 | 45000 | 
| 21 | 3150 | 2250 | 900 | 42750 | 
| 22 | 3105 | 2250 | 855 | 40500 | 
| 23 | 3060 | 2250 | 810 | 38250 | 
| 24 | 3015 | 2250 | 765 | 36000 | 
| 25 | 2970 | 2250 | 720 | 33750 | 
| 26 | 2925 | 2250 | 675 | 31500 | 
| 27 | 2880 | 2250 | 630 | 29250 | 
| 28 | 2835 | 2250 | 585 | 27000 | 
| 29 | 2790 | 2250 | 540 | 24750 | 
| 30 | 2745 | 2250 | 495 | 22500 | 
| 31 | 2700 | 2250 | 450 | 20250 | 
| 32 | 2655 | 2250 | 405 | 18000 | 
| 33 | 2610 | 2250 | 360 | 15750 | 
| 34 | 2565 | 2250 | 315 | 13500 | 
| 35 | 2520 | 2250 | 270 | 11250 | 
| 36 | 2475 | 2250 | 225 | 9000 | 
| 37 | 2430 | 2250 | 180 | 6750 | 
| 38 | 2385 | 2250 | 135 | 4500 | 
| 39 | 2340 | 2250 | 90 | 2250 | 
| 40 | 2295 | 2250 | 45 | 0 | 
Therefore the flat payment at the end of each quarter would be 2250 with the all details shown in the table given above.
TERHE