Question

In: Accounting

An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499,...

An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly. Find the outstanding balance of the loan immediately after the 5th payment.

(a) 30514.11 (b) 29342.46 (c) 29327.36 (d) 28619.77 (e) 31589.03

Solutions

Expert Solution

Answer:

Option (d) 28619.77 is correct

Interest Rate is taken as 0.50% (6%/12 months)

table given below

              
YEARS   CASH   DISC. @0.50%   PRESENT VALUE  
   FLOW          
0      1      
1   $1.00    0.995024876   $1.00   
2   $2.00    0.990074503   $1.98   
3   $3.00    0.985148759   $2.96   
4   $4.00    0.980247522   $3.92   
5   $5.00    0.975370668   $4.88   
6   $6.00    0.970518078   $5.82   
7   $7.00    0.96568963   $6.76   
8   $8.00    0.960885204   $7.69   
9   $9.00    0.95610468   $8.60   
10   $10.00    0.951347941   $9.51   
11   $11.00    0.946614866   $10.41   
12   $12.00    0.94190534   $11.30   
13   $13.00    0.937219243   $12.18   
14   $14.00    0.932556461   $13.06   
15   $15.00    0.927916877   $13.92   
16   $16.00    0.923300375   $14.77   
17   $17.00    0.918706841   $15.62   
18   $18.00    0.91413616   $16.45   
19   $19.00    0.909588219   $17.28   
20   $20.00    0.905062904   $18.10   
21   $21.00    0.900560104   $18.91   
22   $22.00    0.896079705   $19.71   
23   $23.00    0.891621597   $20.51   
24   $24.00    0.887185669   $21.29   
25   $25.00    0.88277181   $22.07   
26   $26.00    0.87837991   $22.84   
27   $27.00    0.874009861   $23.60   
28   $28.00    0.869661553   $24.35   
29   $29.00    0.865334879   $25.09   
30   $30.00    0.86102973   $25.83   
31   $31.00    0.856746   $26.56   
32   $32.00    0.852483582   $27.28   
33   $33.00    0.84824237   $27.99   
34   $34.00    0.844022259   $28.70   
35   $35.00    0.839823143   $29.39   
36   $36.00    0.835644919   $30.08   
37   $37.00    0.831487481   $30.77   
38   $38.00    0.827350728   $31.44   
39   $39.00    0.823234555   $32.11   
40   $40.00    0.819138861   $32.77   
41   $41.00    0.815063543   $33.42   
42   $42.00    0.8110085   $34.06   
43   $43.00    0.806973632   $34.70   
44   $44.00    0.802958838   $35.33   
45   $45.00    0.798964018   $35.95   
46   $46.00    0.794989073   $36.57   
47   $47.00    0.791033903   $37.18   
48   $48.00    0.787098411   $37.78   
49   $49.00    0.783182499   $38.38   
50   $50.00    0.779286068   $38.96   
51   $51.00    0.775409023   $39.55   
52   $52.00    0.771551267   $40.12   
53   $53.00    0.767712703   $40.69   
54   $54.00    0.763893237   $41.25   
55   $55.00    0.760092773   $41.81   
56   $56.00    0.756311217   $42.35   
57   $57.00    0.752548475   $42.90   
58   $58.00    0.748804453   $43.43   
59   $59.00    0.745079057   $43.96   
60   $60.00    0.741372196   $44.48   
61   $61.00    0.737683777   $45.00   
62   $62.00    0.734013709   $45.51   
63   $63.00    0.730361899   $46.01   
64   $64.00    0.726728258   $46.51   
65   $65.00    0.723112695   $47.00   
66   $66.00    0.719515119   $47.49   
67   $67.00    0.715935442   $47.97   
68   $68.00    0.712373574   $48.44   
69   $69.00    0.708829427   $48.91   
70   $70.00    0.705302912   $49.37   
71   $71.00    0.701793942   $49.83   
72   $72.00    0.69830243   $50.28   
73   $73.00    0.694828289   $50.72   
74   $74.00    0.691371432   $51.16   
75   $75.00    0.687931773   $51.59   
76   $76.00    0.684509227   $52.02   
77   $77.00    0.681103708   $52.44   
78   $78.00    0.677715133   $52.86   
79   $79.00    0.674343415   $53.27   
80   $80.00    0.670988473   $53.68   
81   $81.00    0.667650222   $54.08   
82   $82.00    0.664328579   $54.47   
83   $83.00    0.661023462   $54.86   
84   $84.00    0.657734788   $55.25   
85   $85.00    0.654462475   $55.63   
86   $86.00    0.651206443   $56.00   
87   $87.00    0.64796661   $56.37   
88   $88.00    0.644742896   $56.74   
89   $89.00    0.64153522   $57.10   
90   $90.00    0.638343502   $57.45   
91   $91.00    0.635167664   $57.80   
92   $92.00    0.632007626   $58.14   
93   $93.00    0.628863309   $58.48   
94   $94.00    0.625734636   $58.82   
95   $95.00    0.622621528   $59.15   
96   $96.00    0.619523909   $59.47   
97   $97.00    0.6164417   $59.79   
98   $98.00    0.613374826   $60.11   
99   $99.00    0.61032321   $60.42   
100   $100.00    0.607286776   $60.73   
101   $101.00    0.604265449   $61.03   
102   $102.00    0.601259153   $61.33   
103   $103.00    0.598267814   $61.62   
104   $104.00    0.595291357   $61.91   
105   $105.00    0.592329709   $62.19   
106   $106.00    0.589382795   $62.47   
107   $107.00    0.586450542   $62.75   
108   $108.00    0.583532878   $63.02   
109   $109.00    0.580629729   $63.29   
110   $110.00    0.577741024   $63.55   
111   $111.00    0.57486669   $63.81   
112   $112.00    0.572006657   $64.06   
113   $113.00    0.569160853   $64.32   
114   $114.00    0.566329207   $64.56   
115   $115.00    0.563511649   $64.80   
116   $116.00    0.560708108   $65.04   
117   $117.00    0.557918516   $65.28   
118   $118.00    0.555142802   $65.51   
119   $119.00    0.552380897   $65.73   
120   $120.00    0.549632733   $65.96   
121   $121.00    0.546898242   $66.17   
122   $122.00    0.544177355   $66.39   
123   $123.00    0.541470005   $66.60   
124   $124.00    0.538776125   $66.81   
125   $125.00    0.536095646   $67.01   
126   $126.00    0.533428504   $67.21   
127   $127.00    0.530774631   $67.41   
128   $128.00    0.528133961   $67.60   
129   $129.00    0.525506429   $67.79   
130   $130.00    0.522891969   $67.98   
131   $131.00    0.520290516   $68.16   
132   $132.00    0.517702006   $68.34   
133   $133.00    0.515126375   $68.51   
134   $134.00    0.512563557   $68.68   
135   $135.00    0.510013489   $68.85   
136   $136.00    0.507476109   $69.02   
137   $137.00    0.504951352   $69.18   
138   $138.00    0.502439156   $69.34   
139   $139.00    0.499939459   $69.49   
140   $140.00    0.497452198   $69.64   
141   $141.00    0.494977311   $69.79   
142   $142.00    0.492514738   $69.94   
143   $143.00    0.490064416   $70.08   
144   $144.00    0.487626284   $70.22   
145   $145.00    0.485200283   $70.35   
146   $146.00    0.482786351   $70.49   
147   $147.00    0.480384429   $70.62   
148   $148.00    0.477994457   $70.74   
149   $149.00    0.475616375   $70.87   
150   $150.00    0.473250124   $70.99   
151   $151.00    0.470895646   $71.11   
152   $152.00    0.468552881   $71.22   
153   $153.00    0.466221773   $71.33   
154   $154.00    0.463902261   $71.44   
155   $155.00    0.46159429   $71.55   
156   $156.00    0.459297801   $71.65   
157   $157.00    0.457012737   $71.75   
158   $158.00    0.454739042   $71.85   
159   $159.00    0.452476659   $71.94   
160   $160.00    0.450225531   $72.04   
161   $161.00    0.447985603   $72.13   
162   $162.00    0.445756819   $72.21   
163   $163.00    0.443539123   $72.30   
164   $164.00    0.441332461   $72.38   
165   $165.00    0.439136777   $72.46   
166   $166.00    0.436952017   $72.53   
167   $167.00    0.434778126   $72.61   
168   $168.00    0.432615051   $72.68   
169   $169.00    0.430462737   $72.75   
170   $170.00    0.428321132   $72.81   
171   $171.00    0.426190181   $72.88   
172   $172.00    0.424069832   $72.94   
173   $173.00    0.421960032   $73.00   
174   $174.00    0.419860728   $73.06   
175   $175.00    0.417771869   $73.11   
176   $176.00    0.415693402   $73.16   
177   $177.00    0.413625275   $73.21   
178   $178.00    0.411567438   $73.26   
179   $179.00    0.409519839   $73.30   
180   $180.00    0.407482427   $73.35   
181   $181.00    0.405455151   $73.39   
182   $182.00    0.403437961   $73.43   
183   $183.00    0.401430807   $73.46   
184   $184.00    0.399433639   $73.50   
185   $185.00    0.397446407   $73.53   
186   $186.00    0.395469062   $73.56   
187   $187.00    0.393501554   $73.58   
188   $188.00    0.391543835   $73.61   
189   $189.00    0.389595855   $73.63   
190   $190.00    0.387657567   $73.65   
191   $191.00    0.385728923   $73.67   
192   $192.00    0.383809873   $73.69   
193   $193.00    0.381900372   $73.71   
194   $194.00    0.38000037   $73.72   
195   $195.00    0.378109821   $73.73   
196   $196.00    0.376228677   $73.74   
197   $197.00    0.374356893   $73.75   
198   $198.00    0.372494421   $73.75   
199   $199.00    0.370641215   $73.76   
200   $200.00    0.368797229   $73.76   
201   $201.00    0.366962416   $73.76   
202   $202.00    0.365136733   $73.76   
203   $203.00    0.363320132   $73.75   
204   $204.00    0.361512569   $73.75   
205   $205.00    0.359713999   $73.74   
206   $206.00    0.357924377   $73.73   
207   $207.00    0.356143659   $73.72   
208   $208.00    0.3543718   $73.71   
209   $209.00    0.352608756   $73.70   
210   $210.00    0.350854484   $73.68   
211   $211.00    0.349108939   $73.66   
212   $212.00    0.347372079   $73.64   
213   $213.00    0.345643859   $73.62   
214   $214.00    0.343924238   $73.60   
215   $215.00    0.342213172   $73.58   
216   $216.00    0.340510619   $73.55   
217   $217.00    0.338816537   $73.52   
218   $218.00    0.337130882   $73.49   
219   $219.00    0.335453614   $73.46   
220   $220.00    0.333784691   $73.43   
221   $221.00    0.33212407   $73.40   
222   $222.00    0.330471712   $73.36   
223   $223.00    0.328827574   $73.33   
224   $224.00    0.327191616   $73.29   
225   $225.00    0.325563797   $73.25   
226   $226.00    0.323944076   $73.21   
227   $227.00    0.322332414   $73.17   
228   $228.00    0.320728771   $73.13   
229   $229.00    0.319133105   $73.08   
230   $230.00    0.317545378   $73.04   
231   $231.00    0.31596555   $72.99   
232   $232.00    0.314393582   $72.94   
233   $233.00    0.312829435   $72.89   
234   $234.00    0.31127307   $72.84   
235   $235.00    0.309724448   $72.79   
236   $236.00    0.30818353   $72.73   
237   $237.00    0.306650279   $72.68   
238   $238.00    0.305124655   $72.62   
239   $239.00    0.303606622   $72.56   
240   $240.00    0.302096142   $72.50   
241   $241.00    0.300593176   $72.44   
242   $242.00    0.299097687   $72.38   
243   $243.00    0.297609639   $72.32   
244   $244.00    0.296128994   $72.26   
245   $245.00    0.294655716   $72.19   
246   $246.00    0.293189767   $72.12   
247   $247.00    0.291731111   $72.06   
248   $248.00    0.290279713   $71.99   
249   $249.00    0.288835535   $71.92   
250   $250.00    0.287398542   $71.85   
251   $251.00    0.285968699   $71.78   
252   $252.00    0.284545969   $71.71   
253   $253.00    0.283130317   $71.63   
254   $254.00    0.281721709   $71.56   
255   $255.00    0.280320108   $71.48   
256   $256.00    0.278925481   $71.40   
257   $257.00    0.277537792   $71.33   
258   $258.00    0.276157007   $71.25   
259   $259.00    0.274783091   $71.17   
260   $260.00    0.273416011   $71.09   
261   $261.00    0.272055733   $71.01   
262   $262.00    0.270702222   $70.92   
263   $263.00    0.269355444   $70.84   
264   $264.00    0.268015367   $70.76   
265   $265.00    0.266681958   $70.67   
266   $266.00    0.265355182   $70.58   
267   $267.00    0.264035007   $70.50   
268   $268.00    0.2627214   $70.41   
269   $269.00    0.261414328   $70.32   
270   $270.00    0.260113759   $70.23   
271   $271.00    0.258819661   $70.14   
272   $272.00    0.257532001   $70.05   
273   $273.00    0.256250747   $69.96   
274   $274.00    0.254975868   $69.86   
275   $275.00    0.253707331   $69.77   
276   $276.00    0.252445106   $69.67   
277   $277.00    0.25118916   $69.58   
278   $278.00    0.249939463   $69.48   
279   $279.00    0.248695983   $69.39   
280   $280.00    0.247458689   $69.29   
281   $281.00    0.246227551   $69.19   
282   $282.00    0.245002539   $69.09   
283   $283.00    0.243783621   $68.99   
284   $284.00    0.242570767   $68.89   
285   $285.00    0.241363947   $68.79   
286   $286.00    0.240163131   $68.69   
287   $287.00    0.23896829   $68.58   
288   $288.00    0.237779393   $68.48   
289   $289.00    0.236596411   $68.38   
290   $290.00    0.235419314   $68.27   
291   $291.00    0.234248074   $68.17   
292   $292.00    0.233082661   $68.06   
293   $293.00    0.231923046   $67.95   
294   $294.00    0.2307692   $67.85   
295   $295.00    0.229621094   $67.74   
296   $296.00    0.228478701   $67.63   
297   $297.00    0.227341991   $67.52   
298   $298.00    0.226210936   $67.41   
299   $299.00    0.225085508   $67.30   
300   $300.00    0.22396568   $67.19   
301   $301.00    0.222851423   $67.08   
302   $302.00    0.221742709   $66.97   
303   $303.00    0.220639512   $66.85   
304   $304.00    0.219541803   $66.74   
305   $305.00    0.218449555   $66.63   
306   $306.00    0.217362741   $66.51   
307   $307.00    0.216281335   $66.40   
308   $308.00    0.215205308   $66.28   
309   $309.00    0.214134635   $66.17   
310   $310.00    0.213069288   $66.05   
311   $311.00    0.212009242   $65.93   
312   $312.00    0.21095447   $65.82   
313   $313.00    0.209904945   $65.70   
314   $314.00    0.208860642   $65.58   
315   $315.00    0.207821534   $65.46   
316   $316.00    0.206787596   $65.34   
317   $317.00    0.205758802   $65.23   
318   $318.00    0.204735127   $65.11   
319   $319.00    0.203716544   $64.99   
320   $320.00    0.202703029   $64.86   
321   $321.00    0.201694556   $64.74   
322   $322.00    0.2006911   $64.62   
323   $323.00    0.199692637   $64.50   
324   $324.00    0.198699142   $64.38   
325   $325.00    0.197710589   $64.26   
326   $326.00    0.196726954   $64.13   
327   $327.00    0.195748213   $64.01   
328   $328.00    0.194774341   $63.89   
329   $329.00    0.193805315   $63.76   
330   $330.00    0.192841109   $63.64   
331   $331.00    0.1918817   $63.51   
332   $332.00    0.190927065   $63.39   
333   $333.00    0.189977179   $63.26   
334   $334.00    0.189032019   $63.14   
335   $335.00    0.188091561   $63.01   
336   $336.00    0.187155782   $62.88   
337   $337.00    0.186224659   $62.76   
338   $338.00    0.185298168   $62.63   
339   $339.00    0.184376287   $62.50   
340   $340.00    0.183458992   $62.38   
341   $341.00    0.182546261   $62.25   
342   $342.00    0.18163807   $62.12   
343   $343.00    0.180734398   $61.99   
344   $344.00    0.179835222   $61.86   
345   $345.00    0.17894052   $61.73   
346   $346.00    0.178050268   $61.61   
347   $347.00    0.177164446   $61.48   
348   $348.00    0.176283031   $61.35   
349   $349.00    0.175406001   $61.22   
350   $350.00    0.174533334   $61.09   
351   $351.00    0.173665009   $60.96   
352   $352.00    0.172801004   $60.83   
353   $353.00    0.171941298   $60.70   
354   $354.00    0.171085868   $60.56   
355   $355.00    0.170234695   $60.43   
356   $356.00    0.169387756   $60.30   
357   $357.00    0.168545031   $60.17   
358   $358.00    0.167706498   $60.04   
359   $359.00    0.166872138   $59.91   
360   $360.00    0.166041928   $59.78   
361   $361.00    0.165215849   $59.64   
362   $362.00    0.164393879   $59.51   
363   $363.00    0.163575999   $59.38   
364   $364.00    0.162762188   $59.25   
365   $365.00    0.161952426   $59.11   
366   $366.00    0.161146693   $58.98   
367   $367.00    0.160344968   $58.85   
368   $368.00    0.159547232   $58.71   
369   $369.00    0.158753465   $58.58   
370   $370.00    0.157963646   $58.45   
371   $371.00    0.157177758   $58.31   
372   $372.00    0.156395779   $58.18   
373   $373.00    0.15561769   $58.05   
374   $374.00    0.154843473   $57.91   
375   $375.00    0.154073107   $57.78   
376   $376.00    0.153306574   $57.64   
377   $377.00    0.152543855   $57.51   
378   $378.00    0.15178493   $57.37   
379   $379.00    0.151029782   $57.24   
380   $380.00    0.15027839   $57.11   
381   $381.00    0.149530736   $56.97   
382   $382.00    0.148786802   $56.84   
383   $383.00    0.148046569   $56.70   
384   $384.00    0.147310019   $56.57   
385   $385.00    0.146577133   $56.43   
386   $386.00    0.145847894   $56.30   
387   $387.00    0.145122282   $56.16   
388   $388.00    0.144400281   $56.03   
389   $389.00    0.143681872   $55.89   
390   $390.00    0.142967036   $55.76   
391   $391.00    0.142255758   $55.62   
392   $392.00    0.141548018   $55.49   
393   $393.00    0.140843799   $55.35   
394   $394.00    0.140143083   $55.22   
395   $395.00    0.139445854   $55.08   
396   $396.00    0.138752093   $54.95   
397   $397.00    0.138061785   $54.81   
398   $398.00    0.13737491   $54.68   
399   $399.00    0.136691453   $54.54   
400   $400.00    0.136011396   $54.40   
401   $401.00    0.135334722   $54.27   
402   $402.00    0.134661415   $54.13   
403   $403.00    0.133991458   $54.00   
404   $404.00    0.133324834   $53.86   
405   $405.00    0.132661526   $53.73   
406   $406.00    0.132001518   $53.59   
407   $407.00    0.131344794   $53.46   
408   $408.00    0.130691338   $53.32   
409   $409.00    0.130041132   $53.19   
410   $410.00    0.129394161   $53.05   
411   $411.00    0.128750409   $52.92   
412   $412.00    0.12810986   $52.78   
413   $413.00    0.127472497   $52.65   
414   $414.00    0.126838306   $52.51   
415   $415.00    0.12620727   $52.38   
416   $416.00    0.125579373   $52.24   
417   $417.00    0.1249546   $52.11   
418   $418.00    0.124332935   $51.97   
419   $419.00    0.123714363   $51.84   
420   $420.00    0.123098869   $51.70   
421   $421.00    0.122486437   $51.57   
422   $422.00    0.121877051   $51.43   
423   $423.00    0.121270698   $51.30   
424   $424.00    0.120667361   $51.16   
425   $425.00    0.120067026   $51.03   
426   $426.00    0.119469678   $50.89   
427   $427.00    0.118875301   $50.76   
428   $428.00    0.118283882   $50.63   
429   $429.00    0.117695405   $50.49   
430   $430.00    0.117109855   $50.36   
431   $431.00    0.116527219   $50.22   
432   $432.00    0.115947482   $50.09   
433   $433.00    0.115370629   $49.96   
434   $434.00    0.114796646   $49.82   
435   $435.00    0.114225518   $49.69   
436   $436.00    0.113657232   $49.55   
437   $437.00    0.113091773   $49.42   
438   $438.00    0.112529127   $49.29   
439   $439.00    0.111969281   $49.15   
440   $440.00    0.11141222   $49.02   
441   $441.00    0.11085793   $48.89   
442   $442.00    0.110306398   $48.76   
443   $443.00    0.10975761   $48.62   
444   $444.00    0.109211552   $48.49   
445   $445.00    0.108668211   $48.36   
446   $446.00    0.108127573   $48.22   
447   $447.00    0.107589625   $48.09   
448   $448.00    0.107054353   $47.96   
449   $449.00    0.106521745   $47.83   
450   $450.00    0.105991786   $47.70   
451   $451.00    0.105464464   $47.56   
452   $452.00    0.104939765   $47.43   
453   $453.00    0.104417676   $47.30   
454   $454.00    0.103898185   $47.17   
455   $455.00    0.103381279   $47.04   
456   $456.00    0.102866944   $46.91   
457   $457.00    0.102355168   $46.78   
458   $458.00    0.101845939   $46.65   
459   $459.00    0.101339243   $46.51   
460   $460.00    0.100835067   $46.38   
461   $461.00    0.1003334   $46.25   
462   $462.00    0.099834229   $46.12   
463   $463.00    0.099337541   $45.99   
464   $464.00    0.098843325   $45.86   
465   $465.00    0.098351567   $45.73   
466   $466.00    0.097862256   $45.60   
467   $467.00    0.097375379   $45.47   
468   $468.00    0.096890924   $45.34   
469   $469.00    0.09640888   $45.22   
470   $470.00    0.095929234   $45.09   
471   $471.00    0.095451974   $44.96   
472   $472.00    0.094977088   $44.83   
473   $473.00    0.094504565   $44.70   
474   $474.00    0.094034393   $44.57   
475   $475.00    0.093566561   $44.44   
476   $476.00    0.093101055   $44.32   
477   $477.00    0.092637866   $44.19   
478   $478.00    0.092176981   $44.06   
479   $479.00    0.091718389   $43.93   
480   $480.00    0.091262079   $43.81   
481   $481.00    0.090808039   $43.68   
482   $482.00    0.090356257   $43.55   
483   $483.00    0.089906724   $43.42   
484   $484.00    0.089459427   $43.30   
485   $485.00    0.089014355   $43.17   
486   $486.00    0.088571497   $43.05   
487   $487.00    0.088130843   $42.92   
488   $488.00    0.087692381   $42.79   
489   $489.00    0.087256101   $42.67   
490   $490.00    0.086821991   $42.54   
491   $491.00    0.08639004   $42.42   
492   $492.00    0.085960239   $42.29   
493   $493.00    0.085532576   $42.17   
494   $494.00    0.085107041   $42.04   
495   $495.00    0.084683623   $41.92   
496   $496.00    0.084262312   $41.79   
497   $497.00    0.083843096   $41.67   
498   $498.00    0.083425966   $41.55   
499   $499.00    0.083010912   $41.42   
500   $500.00    0.082597922   $41.30   
              
           " $28,619.77 "   VALUE

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499,...
An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly. Find the outstanding balance of the loan immediately after the 5th payment. (a) 28619.77 (b) 29327.36 (c) 29342.46 (d) 30514.11 (e) 31589.03
A loan of $330,000 is amortized over 30 years with payments at the end of each...
A loan of $330,000 is amortized over 30 years with payments at the end of each month and an interest rate of 6.9%, compounded monthly. Use Excel to create an amortization table showing, for each of the 360 payments, the beginning balance, the interest owed, the principal, the payment amount, and the ending balance. Answer the following, rounding to the nearest penny. a) Find the amount of each payment. $ b) Find the total amount of interest paid during the...
A loan of $490,000 is amortized over 30 years with payments at the end of each...
A loan of $490,000 is amortized over 30 years with payments at the end of each month and an interest rate of 8.1%, compounded monthly. Use Excel to create an amortization table showing, for each of the 360 payments, the beginning balance, the interest owed, the principal, the payment amount, and the ending balance. Answer the following, rounding to the nearest penny. a) Find the amount of each payment. $ b) Find the total amount of interest paid during the...
QUESTION 1 A $150,000 loan is to be amortized over 7 years, with annual end-of-year payments....
QUESTION 1 A $150,000 loan is to be amortized over 7 years, with annual end-of-year payments. Which of these statements is CORRECT? a. The proportion of interest versus principal repayment would be the same for each of the 7 payments. b. The proportion of each payment that represents interest versus repayment of principal would be higher if the interest rate were higher. c. The proportion of each payment that represents interest as opposed to repayment of principal would be higher...
A loan amount of L is amortized over six years with monthly payments (at the end...
A loan amount of L is amortized over six years with monthly payments (at the end of each month) at a nominal interest rate of i(12) compounded monthly. The first payment is 500 and is to be paid one month from the date of the loan. Each subsequent payment will be 1% larger than the prior payment. (a) If i(12) = 9%, find the principal repaid in the 25th payment. (b) If i(12) = 12%, find the amount of loan...
1) Lilly agreed to repay a loan of $21,000 with payments of $500 per month. Using...
1) Lilly agreed to repay a loan of $21,000 with payments of $500 per month. Using an interest rate of j12=3.6%, calculate the amount of principal repaid during the second year of the loan. 2) Ace Industries borrowed $150,000 amortized over 10 years at a rate of j12=4.8% with monthly payments (rounded up to the next cent). Calculate their final payment.
Your car loan requires payments of $200 per month for the first year and payments of...
Your car loan requires payments of $200 per month for the first year and payments of $400 per month during the second year. The annual interest rate is 12 percent and payments begin now. What is the present value of this two-year loan? $6,347.83 $6,308.80 $6,246.34 $6,753.05
An $8000 loan is to be amortized with equal monthly payments over a 2 year period...
An $8000 loan is to be amortized with equal monthly payments over a 2 year period at j (12) = 8 %. Find the outstanding principal after 7 months and split the 8 th payment into principal and interest portions. outstanding principal after 7 months is? the principal in the 8 th payment is? the interest in the 8 th payment is?
Donald takes out a loan to be repaid with annual payments of $500 at the end...
Donald takes out a loan to be repaid with annual payments of $500 at the end of each year for 2n years. The annual effective interest rate is 4.94%. The sum of the interest paid in year 1 plus the interest paid in year n + 1 is equal to $720. Calculate the amount of interest paid in year 10.
2. You just took a $315,000, 30-year loan. Payments at the end of each month are...
2. You just took a $315,000, 30-year loan. Payments at the end of each month are flat (equal in every month) at an annual interest rate of 3.75 percent. a)Calculate the monthly payment. b)Provide the appropriate loan table, showing the breakdown in each month between principal repayment and interest. (PLEASE SHOW STEP-BY-STEP EXCEL FORMULA WITH FUNCTIONS)
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT