Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Create an amortization table in MS-Excel in the format shown below: LOAN ANALYSIS: Prepared by Kent Saunders Principal $10,000.00 Annual interest | 10.00% Term (years)
Create an amortization table in MS-Excel in the format shown below: LOAN ANALYSIS: Prepared by Kent Saunders Principal $10,000.00 Annual interest | 10.00% Term (years) 10 Payment periods per year No. of payments 20 Periodic rate of interest 5.00% Basic Payment per period $802.43 Added payment Pmt No. Beg. Principal Balance 10,000.00 9.697 57 9,380.02 9,046.59 Interest 500.00 484.88 469.00 452.33 Added Applied Payment Payment Principal 802.43 0.00 302.43 802.43 0.00 317.55 802.43 0.00 333.43 802.43 0.00 350.10 Ending Cumulative Balance Interest 9 ,697.57 500.00 9.380.02 9 84.88 9,046.59 1,453.88 8,696.49 1,906.21 3 Scenario: 2 years ago Janice got a $150,000, 30-year mortgage with an annual interest rate of 8% and monthly payments. 1) What is her monthly payment? 2) How much does she owe today (after 24 payments)? 3) How much will she owe in 3 years (after 60 payments)? 4) How much will she owe in 3 years (after 60 payments) if she makes an extra $200 payment every month starting with her next payment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started