Susan would like to buy a car. She went to the bank and got a loan for $40,000 at the annual interest rate of 4%, for 4 years. Calculate the monthly payment. Calculate the interest on the payment. Calculate the total payment. Make complete amortization schedule on excel
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Susan would like to buy a car. She went to the bank and got a loan for $40,000 at the annual interest rate of 4%, for 4 years.
Calculate the monthly payment.
Calculate the interest on the payment.
Calculate the total payment.
Make complete amortization schedule on excel
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- Example: In this exercise prepare an amortization schedule showing the payments for each loan. Joan Varozza plans to borrow $20,000 to stock her small boutique. She will repay the loan with semiannual payments for 5 years at 7% interest. SET UP AN AMORTIZATION TABLEb) You have decided to buy an apartment costing $140,000. At present you have $10,000 to be paid as down payment and your bank CAB agrees to provide you with the remaining amount of money. The interest rate is 12% to be repaid in 5 years period. Find the annual payment to be amortized and also prepare a schedule of amortization.Answer all parts to the question please. Part 1. Logan had seamless rain gutters installed around her home at a cost of $1,400. She financed the total amount for 18 months at an annual interest rate of 4.5% compounded monthly. What is the amount of her monthly payment? (Round your answer to the nearest cent.) Part 2. After making 12 payments, Logan decided to repay the loan in full. How many payments did she have left at this time? Part 3. What is Logan's payoff (in dollars)? (Round your answer to the nearest cent.)
- Martha Diaz needs an investment loan. She gets a simple interest amortized loan for $12,000 at 8.5 % for four years. Find the total interest that will be paid over the life of the loan.In order to buy a vacation home, Neal and Lilly took out a 20-year mortgage for $220,000 at an annual interest rate of 6%. After 10 years, they refinanced the unpaid balance of $142,125 at an annual rate of 4%. Use the table to find the monthly payments on the original loan; the monthly payments on the new loan; and the total amount saved on interest by refinancing. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments on the original loan are $ (Type an integer or a decimal.)Solve the given problem. A. Mrs. Ledesma apply for a loan for the renovation of their house. She agreed to pay P10,000 quarterly for 5 years that will start at the end of 2 years. If interest rate is 6% converted quarterly, how much is her loan? a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period of deferral is ________. e. The interest rate per period is ___________. f. The present value of the loan is ___________. B. Your mother plans to buy you laptop for your online class. She got an offer from Abenson of monthly installment of 1,950 monthly for 1 year and a down payment of 5,500. The payment will start at the end of 3 months. How much is the cash price of the laptop if the interest rate is 3% compounded monthly. a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period…
- After starting your full-time job out of college, you decide to buy a new car for $85,000. Create a complete amortization table in excel for this car loan: You make 84 equal end-of-month payments. The discount rate is 6.5 percent compounded quarterly. How much would you owe after the 75 th payment? Please show both regualr and formula format of the spreadsheet.Martha has decided to gift her parents with a small business. She conducted some market research and settled on opening a general store for them to run. To facilitate this, she plans to get a loan of Ksh. 600,000 from a bank to be paid in four equal yearly installments. The loan attracts an interest rate of 8% per annum. Required: 1: What is the annual payment that Martha has to make every year? 2: Prepare the loan amortization schedule for Martha for the four years. 3: Assuming that Martha was required to make monthly payments for a period of 3 years what would be the monthly payment (annuity)?Heather has $13,000 to put down on a new car priced at $25,000. The bank offers an annual interest rate of 5.5% compounded quarterly for 2 years.(a) How much money does Heather need to borrow?Heather needs to borrow $ ____ .(b) What are her payments?Heather's payments are $ _____ per quarter.(c) Make an amortization table for her payments. End of Period Interest Charged Payment Payment towards Principal Outstanding Principal 0 -- -- -- 1 2 3 4 5 6 7 8 (d) How much interest did she pay in the two years?Heather paid $ ____ in interest.
- Tamara purchased a new dishwasher from The Bay for $895.94. By placing it on her Bay credit card, she can pay off the dishwasher through a special six-month payment plan promotion that charges her 5.9% compounded monthly. Construct the complete amortization schedule for Tamara and total her interest charges. Consider that the dishwasher will be financed for 3 years.Answer all subpart. Vanna has just financed the purchase of a home for $200 000.She agreed to repay the loan by making equal monthly blended payments of $3000 each at 4%/a compounded monthly. a.Create an amortization table using a Microsott Excel spreadsheet.In your answer include all the formulas used. b.How long will it take to repay the loan? c.How much will be the final payment? d.Determine how much interest she will pay for her loan.Wilfredo bought a new boat for $21,100. He paid $2,000 for the down payment and financed the rest for 3-years at an annual interest rate of 5%. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments for this loan are $ (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. 1 part remainino Clear All Check Answer javascript:doExercise(3); Copyright © 2020 Pearson Education Inc. All rights reserved. | Ter (99+ 近