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1) The questions below are based off of a spreadsheet for an amortization table of a loan of $25,000 at 10% interest with $575.00 monthly

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1) The questions below are based off of a spreadsheet for an amortization table of a loan of $25,000 at 10% interest with $575.00 monthly payments. An excerpt from that spreadsheet is shown below. D 1 Rate 10% $25,000 Initial Balance To Interest 2 Month Payment TO Principal $366.67 Ending Balance $24.633.33 3 1 $208.33 $575.00 $575.00 4 2 5205128 $369.72 $2,26361 rows omitted 17 15 $575.00 $19,167 29 $18.752.02 18 16 $575100 $163.16 $111.84 $159.75 $115527 TOOS omitted 5577 5569723 31.02 $573.98 56 50 $575.00 312281 (9451.17) 57 553 $575.00 a. This table shows the payment continuing at $575.00 per month, but in the last month $575.00 would have been an overpayment. How much should the payment be in Month 55 in order to exactly pay off the loan? b. In Month 17 (not shown in the excerpt above) how much of the monthly payment would go to interest? How much would go to principal? What would the ending balance be? c. If you had instead paid $750.00 in the first month, what would your balance have been after making that payment? d. If you had paid twice as much each month (.e. $1,150.00 per month instead of $575.00) would the loan have been paid off in half the time (27 months), more than 27 months, or less than 27 months? Justify your answer. ou

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