Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For parts 1-5. On a blank sheet in excel, create a loan amortization table for the following information. Loan Amount: 24000; Annual interest rate:0.06; Number

For parts 1-5. On a blank sheet in excel, create a loan amortization table for the following information. Loan Amount: 24000; Annual interest rate:0.06; Number of payments per year: 2; Loan period in years: 12. It would be super helpful if you could show me the formulas in excel! Thanks in advance!

1.) For an equal payment term loan (like a mortgage), what would be the interest-only portion of the third payment? A.) 678 B.) 660 C.) 452 D.) 720

2.)For an equal payment term loan (like a mortgage), what is the loan balance at the end of the third payment? A.) 22585 B.) 23303 C.) 21000 D.) 21845

3.) What is the EAIR for the equal payment loan? A.) .0609 B.) .0592 C.) .0644 D.) .06

4.) For an equal amortization loan (NOT like a mortgage) what is the total payment in period 3? A.) 1660 B.) 1000 C.) 1720 D.) 1417

5.) For an equal amortization loan what is the total payment in period 3? A.) 660 B.) 452 C.) 600 D.)720

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions