Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone please help me answer these questions using spreadsheet? 1. Record the principle, interest rate, and term of the loan. We are using the

can someone please help me answer these questions using spreadsheet?
image text in transcribed
image text in transcribed
1. Record the principle, interest rate, and term of the loan. We are using the monthly payment method so there are twelve (12) interest periods in a year. 2. Using the spreadsheet provided, calculate your monthly payment(MP) from the given data in item 1 above. 3. Assume you pay an extra $200 a month(B7), how long will it take to pay off the home loan(D11)? 4. From your result in part 3, how much money is saved over the term of the loan(D14)? Compute time to pay loan Compute MP for loan MP (monthly payment) 805.23243 Principal (amount financed) Interest rate (as decimal) time (months) MP (monthly payment) 150000 0.05 360 806 time to pay (months) time to pay (years) 359,2070865 29.9339238

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: David Ricchiute

8th Edition

0324226292, 978-0324226294

More Books

Students also viewed these Accounting questions

Question

Understand how HRM can support a sustainable competitive advantage.

Answered: 1 week ago

Question

Develop knowledge of the Italian entrepreneurial business context.

Answered: 1 week ago