FINANCE
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I got the following results so far and I think for the first question you have to use the function CUMIPMT()
ONLTVM03 Home Loan with minimum monthly payment Paradyskloof, Stellenbosch The following is the home loan account of the Maarman family. The instalments were the minimum required monthly end-of-month instalments on a loan for their 3-bedroom house in Paradyskloof, Stellenbosch. The interest rate remained fixed from the start of this loan: 1. Determine the total interest paid for 2017. 2. Assume that the interest rate decreased earlier today, June 04, 2020, how much will be the new instalment? 3. Determine the total amount paid off on your loan in 2021. Assume that you will pay the same amount as before the interest rate changed. 4. By when, precise date, will you have settled your loan debt if you pay the same amount monthly as before the interest rate changed? Give the answer in the format as MMMM DD, YYYY. Statement 11 Account No. 475852QT Original Term: 240 Statement Date: 02 June 2020 Remaining Term: 174 # Date Interest Instalment 01-Dec-19 61 31-Dec-19 48 583.76 55 755.94 62 31-Jan-20 48 501.57 55 755.94 63 28-Feb-20 48 418.45 55 755.94 64 31-Mar-20 48 334.38 55 755.94 65 30-Apr-20 48 249.34 55 755.94 66 31-May-20 48 163.32 55 755.94 Balance 4 240 036.85 4 232 864.66 4 225 610.29 4 218 272.79 4 210 851.22 4 203 344.62 4 195 752.00 1 2 1 3 4 5 6 7 R R R R Formula 240 term months #N/A 174 remaining #N/A 66 last payment #N/A 31-May-20 last payment date #N/A 55.755.94 installement #N/A 48.583.76 first interest amount #N/A 4.240,036.85 Beginning balance #N/A 4,195,752.00 Balance to date #N/A 13.75% interest rate per annum =(B7/B8)*12 4,549.999.27 PV =PVB10/12,B2.-B6) 4,550,000.00 Loan amount =MROUNDB11,100) 55,124.32 PMT =PMT(B10/12,B2,B12..1) 8 9 10 11 12 R R -R 13 15 16 2 -R 12.75% new rate 53.006.70 new installement =B10-1% =PMT(B16/12,B3,B9) 17 ONLTVM03 Home Loan with minimum monthly payment Paradyskloof, Stellenbosch The following is the home loan account of the Maarman family. The instalments were the minimum required monthly end-of-month instalments on a loan for their 3-bedroom house in Paradyskloof, Stellenbosch. The interest rate remained fixed from the start of this loan: 1. Determine the total interest paid for 2017. 2. Assume that the interest rate decreased earlier today, June 04, 2020, how much will be the new instalment? 3. Determine the total amount paid off on your loan in 2021. Assume that you will pay the same amount as before the interest rate changed. 4. By when, precise date, will you have settled your loan debt if you pay the same amount monthly as before the interest rate changed? Give the answer in the format as MMMM DD, YYYY. Statement 11 Account No. 475852QT Original Term: 240 Statement Date: 02 June 2020 Remaining Term: 174 # Date Interest Instalment 01-Dec-19 61 31-Dec-19 48 583.76 55 755.94 62 31-Jan-20 48 501.57 55 755.94 63 28-Feb-20 48 418.45 55 755.94 64 31-Mar-20 48 334.38 55 755.94 65 30-Apr-20 48 249.34 55 755.94 66 31-May-20 48 163.32 55 755.94 Balance 4 240 036.85 4 232 864.66 4 225 610.29 4 218 272.79 4 210 851.22 4 203 344.62 4 195 752.00 1 2 1 3 4 5 6 7 R R R R Formula 240 term months #N/A 174 remaining #N/A 66 last payment #N/A 31-May-20 last payment date #N/A 55.755.94 installement #N/A 48.583.76 first interest amount #N/A 4.240,036.85 Beginning balance #N/A 4,195,752.00 Balance to date #N/A 13.75% interest rate per annum =(B7/B8)*12 4,549.999.27 PV =PVB10/12,B2.-B6) 4,550,000.00 Loan amount =MROUNDB11,100) 55,124.32 PMT =PMT(B10/12,B2,B12..1) 8 9 10 11 12 R R -R 13 15 16 2 -R 12.75% new rate 53.006.70 new installement =B10-1% =PMT(B16/12,B3,B9) 17
