Carpenter, Alecia Lesson 06 Amortization - Excel Alecia C?? Insert Page Layout F
ID: 1169914 • Letter: C
Question
Carpenter, Alecia Lesson 06 Amortization - Excel Alecia C?? Insert Page Layout Formulas Data Review View Help Tell me what you want to do Cut Copy . Fonmat Painter ? AutoSum . A ?- 2? Wrap Text General Paste B 1 u ii- ??· ? ? ?? ? Merge & Center- - 1.2. s-% , fo conditional Fommat as Cell Insert Delete Format Clear Sort & Find & Filter Select Formatting Table Styles tyles Clipboard Font Alignment Number Cells Editing Car Loan Amortization 2 Complete the loan amortization schedule for a car loan that will be repaid over 60 months and answer the following questions (The details about the loan are shown below): Correct Answers 41. What is your monthly payment? 5 2. What is the total $ amount of payments made over the life of the loan Principle Ending Balance Payment Beginning Payment No. Balance Interest Paid 8 Loan Input Data 9 Principal Amount 10 Annual Interest Rate 11 Peniods Per Year 12 Total Number of Payments 13 Percentage Rate Per Period Amount $17,000.00 7.90% 12 60 15 16 17 Grade Car Loan 19 Car Loan Score 20 Total Score L1 13 0.Case Instructions CarLoan Mortgage + 100% 849 PM O Type here to search rP ^???4x 5/29/2018Explanation / Answer
Principal amount $17000 Annual Int rate 7.90% Periods per year 12 total no. of payments 60 % rate per period= 0.006583 Monthly Payment= principal amount/(pvaf(7.9%/12,60)) = 343.8511 $ Total $ amount of payment made over the life of loan = 20631.068 $ payment no Beginning balance Payment amount interest paid Principal paid ending balance 1 17000 343.8511 111.91667 231.9345 16768.07 2 16768.066 343.8511 110.38976 233.4614 16534.6 3 16534.604 343.8511 108.85281 234.9983 16299.61 4 16299.606 343.8511 107.30574 236.5454 16063.06 5 16063.06 343.8511 105.74848 238.1027 15824.96 6 15824.958 343.8511 104.18097 239.6702 15585.29 7 15585.288 343.8511 102.60314 241.248 15344.04 8 15344.04 343.8511 101.01493 242.8362 15101.2 9 15101.203 343.8511 99.416256 244.4349 14856.77 10 14856.769 343.8511 97.80706 246.0441 14610.72 11 14610.724 343.8511 96.18727 247.6639 14363.06 12 14363.061 343.8511 94.556816 249.2943 14113.77 13 14113.766 343.8511 92.915628 250.9355 13862.83 14 13862.831 343.8511 91.263636 252.5875 13610.24 15 13610.243 343.8511 89.600768 254.2504 13355.99 16 13355.993 343.8511 87.926954 255.9242 13100.07 17 13100.069 343.8511 86.242119 257.609 12842.46 18 12842.46 343.8511 84.546193 259.3049 12583.15 19 12583.155 343.8511 82.839103 261.012 12322.14 20 12322.143 343.8511 81.120773 262.7304 12059.41 21 12059.412 343.8511 79.391132 264.46 11794.95 22 11794.952 343.8511 77.650103 266.201 11528.75 23 11528.751 343.8511 75.897613 267.9535 11260.8 24 11260.798 343.8511 74.133586 269.7175 10991.08 25 10991.08 343.8511 72.357946 271.4932 10719.59 26 10719.587 343.8511 70.570615 273.2805 10446.31 27 10446.307 343.8511 68.771519 275.0796 10171.23 28 10171.227 343.8511 66.960578 276.8906 9894.336 29 9894.3365 343.8511 65.137715 278.7134 9615.623 30 9615.623 343.8511 63.302852 280.5483 9335.075 31 9335.0748 343.8511 61.455909 282.3952 9052.68 32 9052.6795 343.8511 59.596807 284.2543 8768.425 33 8768.4252 343.8511 57.725466 286.1257 8482.3 34 8482.2995 343.8511 55.841805 288.0093 8194.29 35 8194.2902 343.8511 53.945744 289.9054 7904.385 36 7904.3848 343.8511 52.0372 291.8139 7612.571 37 7612.5709 343.8511 50.116092 293.735 7318.836 38 7318.8359 343.8511 48.182336 295.6688 7023.167 39 7023.1671 343.8511 46.23585 297.6153 6725.552 40 6725.5518 343.8511 44.276549 299.5746 6425.977 41 6425.9772 343.8511 42.30435 301.5468 6124.43 42 6124.4304 343.8511 40.319167 303.532 5820.898 43 5820.8984 343.8511 38.320915 305.5302 5515.368 44 5515.3682 343.8511 36.309507 307.5416 5207.827 45 5207.8266 343.8511 34.284858 309.5663 4898.26 46 4898.2603 343.8511 32.24688 311.6043 4586.656 47 4586.6561 343.8511 30.195486 313.6556 4273 48 4273.0004 343.8511 28.130586 315.7205 3957.28 49 3957.2799 343.8511 26.052093 317.799 3639.481 50 3639.4808 343.8511 23.959916 319.8912 3319.59 51 3319.5896 343.8511 21.853965 321.9972 2997.592 52 2997.5925 343.8511 19.73415 324.117 2673.475 53 2673.4755 343.8511 17.60038 326.2508 2347.225 54 2347.2247 343.8511 15.452563 328.3986 2018.826 55 2018.8261 343.8511 13.290605 330.5605 1688.266 56 1688.2656 343.8511 11.114415 332.7367 1355.529 57 1355.5289 343.8511 8.9238986 334.9272 1020.602 58 1020.6017 343.8511 6.718961 337.1322 683.4695 59 683.4695 343.8511 4.4995075 339.3516 344.1179 60 344.11787 343.8511 2.2654427 341.5857 2.532184