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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 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

Solutions

Expert Solution

Monthly Interest=(4.5/12)% 0.00375
A B C=A*0.00375 D=B-C E=A-D
Payment No. Beginning Loan balance Monthly Payment Interest Principal paid Loan Balance at End of month
10 143606.19 1139.17 538.52 600.65 143005.54
11 143005.54 1139.17 536.27 602.90 142402.64
12 142402.64 1139.17 534.01 605.16 141797.48
13 141797.48 1139.17 531.74 607.43 141190.05
14 141190.05 1139.17 529.46 609.71 140580.35
15 140580.35 1139.17 527.18 611.99 139968.35
16 139968.35 1139.17 524.88 614.29 139354.06
17 139354.06 1139.17 522.58 616.59 138737.47
18 138737.47 1139.17 520.27 618.90 138118.57
19 138118.57 1139.17 517.94 621.23 137497.34
20 137497.34 1139.17 515.62 623.55 136873.79
21 136873.79 1139.17 513.28 625.89 136247.89
22 136247.89 1139.17 510.93 628.24 135619.65
23 135619.65 1139.17 508.57 630.60 134989.06
24 134989.06 1139.17 506.21 632.96 134356.10
25 134356.10 1139.17 503.84 635.33 133720.76
26 133720.76 1139.17 501.45 637.72 133083.04
27 133083.04 1139.17 499.06 640.11 132442.94
28 132442.94 1139.17 496.66 642.51 131800.43

jeff jeffy answered 1 year ago
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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 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         ...
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...
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 10-100. Payment no. Loan balance at the start of the month Amount of payment Interest Principal paid Loan balance at the end of the month. 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         ...
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