D F F G H ! K M P R T U V w Y 2 question 1. Carleen Monte Instructions and to the right |MomN B Prindipol Ayindpal APR n $ $ 12,000.00 4.99% IPLES 12 Question 1-A car loan A popular way to pay off a loan early is to make an additional payment each month equal to the principal payment. The idea in that the principal suyun is low to start and gerin bir an your paychede part berlhacufully! We're going to me that we want to buy and unit used car for $12.000 Peginning Balance Monthly Payment North Interest Payment Amortization Table with Extra Principal Payment Mary IERI Payment Payment Prindpal Payment Erdins Balance Principal Payment Engine Balara neginning Balance Morch a.) Create an amortization schedule Columns through Fifor a car loan for 3 years with a bed APR of 4.99% Remember that payments are calculated as negative numbers, so some of the columns will have negative numbers. How much do one with and of the year? 5 S 6 6 Part 2 al 9 ts. How much Interest to you pay over the le of this isan? Parth: c.) Now recreate the worlation schedule Columns thround change the ending balance formula to ads in an additional principal por mentachanth So there should be twn at the principal payments rath month. ie. twice as much. This is not a random extra payment. It should equal the amount of your payment quing to pay down the principal How long will know take to pay of the loan? Your answer should be the first month with a negative ending a balance 9 10 20 31 12 13 14 15 1b 17 18 19 201 21 32 23 24 251 26 27 28 29 10 11 32 23 341 15 161 10 11 12 1a 14 15 16 17 19 19 20 31 32 23 24 25 26 27 28 29 30 11 32 33 34 35 20 Perte d) How much interest do you pay using the extra principal payment method? Part d: D F F G H ! K M P R T U V w Y 2 question 1. Carleen Monte Instructions and to the right |MomN B Prindipol Ayindpal APR n $ $ 12,000.00 4.99% IPLES 12 Question 1-A car loan A popular way to pay off a loan early is to make an additional payment each month equal to the principal payment. The idea in that the principal suyun is low to start and gerin bir an your paychede part berlhacufully! We're going to me that we want to buy and unit used car for $12.000 Peginning Balance Monthly Payment North Interest Payment Amortization Table with Extra Principal Payment Mary IERI Payment Payment Prindpal Payment Erdins Balance Principal Payment Engine Balara neginning Balance Morch a.) Create an amortization schedule Columns through Fifor a car loan for 3 years with a bed APR of 4.99% Remember that payments are calculated as negative numbers, so some of the columns will have negative numbers. How much do one with and of the year? 5 S 6 6 Part 2 al 9 ts. How much Interest to you pay over the le of this isan? Parth: c.) Now recreate the worlation schedule Columns thround change the ending balance formula to ads in an additional principal por mentachanth So there should be twn at the principal payments rath month. ie. twice as much. This is not a random extra payment. It should equal the amount of your payment quing to pay down the principal How long will know take to pay of the loan? Your answer should be the first month with a negative ending a balance 9 10 20 31 12 13 14 15 1b 17 18 19 201 21 32 23 24 251 26 27 28 29 10 11 32 23 341 15 161 10 11 12 1a 14 15 16 17 19 19 20 31 32 23 24 25 26 27 28 29 30 11 32 33 34 35 20 Perte d) How much interest do you pay using the extra principal payment method? Part d
