Question

In: Finance

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 =...

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12

Amount paid each month = PMT(4.5%/12, 180, -148912) = 1139.07

find payment number 100-160.

Payment no. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end of the month
1                  148,912.00                          1,139.17      558.42                580.75          148,331.25
2                  148,331.25                          1,139.17      556.24                582.92          147,748.33
3                  147,748.33                          1,139.17      554.06                585.11          147,163.22
4                  147,163.22                          1,139.17      551.86                587.30          146,575.91
5                  146,575.91                          1,139.17      549.66                589.51          145,986.41
6                  145,986.41                          1,139.17      547.45                591.72          145,394.69
7                  145,394.69                          1,139.17      545.23                593.94          144,800.75
8                  144,800.75                          1,139.17      543.00                596.16          144,204.59
9                  144,204.59                          1,139.17      540.77                598.40          143,606.19
10                  143,606.19                          1,139.17      538.52                600.64          143,005.54
160                     22,963.44                          1,139.17         86.11            1,053.05             21,910.39
161                     21,910.39                          1,139.17         82.16            1,057.00             20,853.39
162                     20,853.39                          1,139.17         78.20            1,060.97             19,792.42
163                     19,792.42                          1,139.17         74.22            1,064.95             18,727.48

Solutions

Expert Solution

Please find below

Payment No. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end
100        79,448.60       1,139.17      297.93      841.23        78,607.37
101        78,607.37       1,139.17      294.78      844.39        77,762.98
102        77,762.98       1,139.17      291.61      847.56        76,915.42
103        76,915.42       1,139.17      288.43      850.73        76,064.69
104        76,064.69       1,139.17      285.24      853.92        75,210.76
105        75,210.76       1,139.17      282.04      857.13        74,353.64
106        74,353.64       1,139.17      278.83      860.34        73,493.30
107        73,493.30       1,139.17      275.60      863.57        72,629.73
108        72,629.73       1,139.17      272.36      866.81        71,762.93
109        71,762.93       1,139.17      269.11      870.06        70,892.87
110        70,892.87       1,139.17      265.85      873.32        70,019.55
111        70,019.55       1,139.17      262.57      876.59        69,142.96
112        69,142.96       1,139.17      259.29      879.88        68,263.08
113        68,263.08       1,139.17      255.99      883.18        67,379.90
114        67,379.90       1,139.17      252.67      886.49        66,493.40
115        66,493.40       1,139.17      249.35      889.82        65,603.59
116        65,603.59       1,139.17      246.01      893.15        64,710.43
117        64,710.43       1,139.17      242.66      896.50        63,813.93
118        63,813.93       1,139.17      239.30      899.86        62,914.07
119        62,914.07       1,139.17      235.93      903.24        62,010.83
120        62,010.83       1,139.17      232.54      906.63        61,104.20
121        61,104.20       1,139.17      229.14      910.03        60,194.18
122        60,194.18       1,139.17      225.73      913.44        59,280.74
123        59,280.74       1,139.17      222.30      916.86        58,363.87
124        58,363.87       1,139.17      218.86      920.30        57,443.57
125        57,443.57       1,139.17      215.41      923.75        56,519.82
126        56,519.82       1,139.17      211.95      927.22        55,592.60
127        55,592.60       1,139.17      208.47      930.69        54,661.91
128        54,661.91       1,139.17      204.98      934.18        53,727.72
129        53,727.72       1,139.17      201.48      937.69        52,790.03
130        52,790.03       1,139.17      197.96      941.20        51,848.83
131        51,848.83       1,139.17      194.43      944.73        50,904.09
132        50,904.09       1,139.17      190.89      948.28        49,955.82
133        49,955.82       1,139.17      187.33      951.83        49,003.99
134        49,003.99       1,139.17      183.76      955.40        48,048.58
135        48,048.58       1,139.17      180.18      958.98        47,089.60
136        47,089.60       1,139.17      176.59      962.58        46,127.02
137        46,127.02       1,139.17      172.98      966.19        45,160.83
138        45,160.83       1,139.17      169.35      969.81        44,191.01
139        44,191.01       1,139.17      165.72      973.45        43,217.56
140        43,217.56       1,139.17      162.07      977.10        42,240.46
141        42,240.46       1,139.17      158.40      980.77        41,259.70
142        41,259.70       1,139.17      154.72      984.44        40,275.25
143        40,275.25       1,139.17      151.03      988.13        39,287.12
144        39,287.12       1,139.17      147.33      991.84        38,295.28
145        38,295.28       1,139.17      143.61      995.56        37,299.72
146        37,299.72       1,139.17      139.87      999.29        36,300.43
147        36,300.43       1,139.17      136.13 1,003.04        35,297.39
148        35,297.39       1,139.17      132.37 1,006.80        34,290.59
149        34,290.59       1,139.17      128.59 1,010.58        33,280.01
150        33,280.01       1,139.17      124.80 1,014.37        32,265.64
151        32,265.64       1,139.17      121.00 1,018.17        31,247.47
152        31,247.47       1,139.17      117.18 1,021.99        30,225.48
153        30,225.48       1,139.17      113.35 1,025.82        29,199.66
154        29,199.66       1,139.17      109.50 1,029.67        28,169.99
155        28,169.99       1,139.17      105.64 1,033.53        27,136.46
156        27,136.46       1,139.17      101.76 1,037.41        26,099.06
157        26,099.06       1,139.17        97.87 1,041.30        25,057.76
158        25,057.76       1,139.17        93.97 1,045.20        24,012.56
159        24,012.56       1,139.17        90.05 1,049.12        22,963.44
160        22,963.44       1,139.17        86.11 1,053.05        21,910.39

Related Solutions

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 =...
Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month = PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table is shown below: Payment no. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end of the month find from payment # 10-100. Payment no. Loan balance at the start of the month Amount of payment Interest...
Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 =...
Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month = PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table is shown below: Payment no. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end of the month find from payment # 50-100. 47 $119,814.49 $1,139.17 $449.30 $689.86 $119,124.63 48 $119,124.63 $1,139.17 $446.72 $692.45 $118,432.18 49 $118,432.18...
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