Question
In: Finance
Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on...
Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on the unpaid balance.
30-year car loan for $235,000 at 3.21%; remaining balance after 20 years.
Solutions
Expert Solution
MONTHLY PAYMENTS = 1017.58
| P = | Regular Payments | |||
| PV = | Loan Amount | |||
| r = | rate of interest | |||
| n = | no of periods | |||
| P = | r (PV) | |||
| 1 - (1 + r )-n | ||||
| P = | (3.21%/12)*235000 | |||
| 1 - (1 / (1 + 3.21%/12)^360)) | ||||
| P = | 628.625 | |||
| 0.617762937 | ||||
| P = | 1017.58 | |||
| BALANCE AFTER 20 YEARS (240 EMI) = | $104,332.03 | |||
| Beginning Balance | Interest | Principal | Ending Balance | |
| 1 | $235,000.00 | $628.63 | $388.96 | $234,611.04 |
| 2 | $234,611.04 | $627.58 | $390.00 | $234,221.04 |
| 3 | $234,221.04 | $626.54 | $391.04 | $233,830.00 |
| 4 | $233,830.00 | $625.50 | $392.09 | $233,437.91 |
| 5 | $233,437.91 | $624.45 | $393.14 | $233,044.78 |
| 6 | $233,044.78 | $623.39 | $394.19 | $232,650.59 |
| 7 | $232,650.59 | $622.34 | $395.24 | $232,255.35 |
| 8 | $232,255.35 | $621.28 | $396.30 | $231,859.05 |
| 9 | $231,859.05 | $620.22 | $397.36 | $231,461.69 |
| 10 | $231,461.69 | $619.16 | $398.42 | $231,063.26 |
| 11 | $231,063.26 | $618.09 | $399.49 | $230,663.78 |
| 12 | $230,663.78 | $617.03 | $400.56 | $230,263.22 |
| Year #1 End | ||||
| 13 | $230,263.22 | $615.95 | $401.63 | $229,861.59 |
| 14 | $229,861.59 | $614.88 | $402.70 | $229,458.89 |
| 15 | $229,458.89 | $613.80 | $403.78 | $229,055.11 |
| 16 | $229,055.11 | $612.72 | $404.86 | $228,650.25 |
| 17 | $228,650.25 | $611.64 | $405.94 | $228,244.30 |
| 18 | $228,244.30 | $610.55 | $407.03 | $227,837.27 |
| 19 | $227,837.27 | $609.46 | $408.12 | $227,429.15 |
| 20 | $227,429.15 | $608.37 | $409.21 | $227,019.94 |
| 21 | $227,019.94 | $607.28 | $410.30 | $226,609.64 |
| 22 | $226,609.64 | $606.18 | $411.40 | $226,198.24 |
| 23 | $226,198.24 | $605.08 | $412.50 | $225,785.74 |
| 24 | $225,785.74 | $603.98 | $413.61 | $225,372.13 |
| Year #2 End | ||||
| 25 | $225,372.13 | $602.87 | $414.71 | $224,957.42 |
| 26 | $224,957.42 | $601.76 | $415.82 | $224,541.60 |
| 27 | $224,541.60 | $600.65 | $416.93 | $224,124.66 |
| 28 | $224,124.66 | $599.53 | $418.05 | $223,706.61 |
| 29 | $223,706.61 | $598.42 | $419.17 | $223,287.44 |
| 30 | $223,287.44 | $597.29 | $420.29 | $222,867.16 |
| 31 | $222,867.16 | $596.17 | $421.41 | $222,445.74 |
| 32 | $222,445.74 | $595.04 | $422.54 | $222,023.20 |
| 33 | $222,023.20 | $593.91 | $423.67 | $221,599.53 |
| 34 | $221,599.53 | $592.78 | $424.80 | $221,174.73 |
| 35 | $221,174.73 | $591.64 | $425.94 | $220,748.79 |
| 36 | $220,748.79 | $590.50 | $427.08 | $220,321.71 |
| Year #3 End | ||||
| 37 | $220,321.71 | $589.36 | $428.22 | $219,893.48 |
| 38 | $219,893.48 | $588.22 | $429.37 | $219,464.12 |
| 39 | $219,464.12 | $587.07 | $430.52 | $219,033.60 |
| 40 | $219,033.60 | $585.91 | $431.67 | $218,601.93 |
| 41 | $218,601.93 | $584.76 | $432.82 | $218,169.11 |
| 42 | $218,169.11 | $583.60 | $433.98 | $217,735.13 |
| 43 | $217,735.13 | $582.44 | $435.14 | $217,299.99 |
| 44 | $217,299.99 | $581.28 | $436.31 | $216,863.68 |
| 45 | $216,863.68 | $580.11 | $437.47 | $216,426.21 |
| 46 | $216,426.21 | $578.94 | $438.64 | $215,987.57 |
| 47 | $215,987.57 | $577.77 | $439.82 | $215,547.75 |
| 48 | $215,547.75 | $576.59 | $440.99 | $215,106.76 |
| 217 | $121,476.75 | $324.95 | $692.63 | $120,784.12 |
| 218 | $120,784.12 | $323.10 | $694.49 | $120,089.64 |
| 219 | $120,089.64 | $321.24 | $696.34 | $119,393.29 |
| 220 | $119,393.29 | $319.38 | $698.21 | $118,695.09 |
| 221 | $118,695.09 | $317.51 | $700.07 | $117,995.01 |
| 222 | $117,995.01 | $315.64 | $701.95 | $117,293.07 |
| 223 | $117,293.07 | $313.76 | $703.82 | $116,589.24 |
| 224 | $116,589.24 | $311.88 | $705.71 | $115,883.54 |
| 225 | $115,883.54 | $309.99 | $707.59 | $115,175.94 |
| 226 | $115,175.94 | $308.10 | $709.49 | $114,466.45 |
| 227 | $114,466.45 | $306.20 | $711.39 | $113,755.07 |
| 228 | $113,755.07 | $304.29 | $713.29 | $113,041.78 |
| Year #19 End | ||||
| 229 | $113,041.78 | $302.39 | $715.20 | $112,326.59 |
| 230 | $112,326.59 | $300.47 | $717.11 | $111,609.48 |
| 231 | $111,609.48 | $298.56 | $719.03 | $110,890.45 |
| 232 | $110,890.45 | $296.63 | $720.95 | $110,169.50 |
| 233 | $110,169.50 | $294.70 | $722.88 | $109,446.62 |
| 234 | $109,446.62 | $292.77 | $724.81 | $108,721.80 |
| 235 | $108,721.80 | $290.83 | $726.75 | $107,995.05 |
| 236 | $107,995.05 | $288.89 | $728.70 | $107,266.36 |
| 237 | $107,266.36 | $286.94 | $730.65 | $106,535.71 |
| 238 | $106,535.71 | $284.98 | $732.60 | $105,803.11 |
| 239 | $105,803.11 | $283.02 | $734.56 | $105,068.55 |
| 240 | $105,068.55 | $281.06 | $736.52 | $104,332.03 |
| Year #20 End | ||
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