Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Goal-seek Loan Amortization Schedule Amount of the loan: $500,000 Length of the loan: 30 years Payment: Equal annual payment Interest rate: Annual interest rate is

image text in transcribed
Goal-seek Loan Amortization Schedule Amount of the loan: $500,000 Length of the loan: 30 years Payment: Equal annual payment Interest rate: Annual interest rate is 3.0% in year 1, and increases at 0.1% increment every year after that. So Year 2's rate will be 3.1%, Year 3's rate will be 3.2%, etc. (It's a simple addition, each following year's rate will be previous year's rate + 0.1%) M1 Assignment - Goal-seek Loan Amortization Schedule Rubric Successfully created year-by-year table with Year, Beginning balance, PMT, interest, principal, ending 4 balance pts Successfully created a column to reflect floating interest rates 1 pt 2 Successfully utilized goal seek to calculate loan annual payment pts 7 Total pts Goal-seek Loan Amortization Schedule Amount of the loan: $500,000 Length of the loan: 30 years Payment: Equal annual payment Interest rate: Annual interest rate is 3.0% in year 1, and increases at 0.1% increment every year after that. So Year 2's rate will be 3.1%, Year 3's rate will be 3.2%, etc. (It's a simple addition, each following year's rate will be previous year's rate + 0.1%) M1 Assignment - Goal-seek Loan Amortization Schedule Rubric Successfully created year-by-year table with Year, Beginning balance, PMT, interest, principal, ending 4 balance pts Successfully created a column to reflect floating interest rates 1 pt 2 Successfully utilized goal seek to calculate loan annual payment pts 7 Total pts

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

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

Recommended Textbook for

Project Financing Asset-Based Financial Engineering

Authors: John D Finnerty

3rd Edition

1118421841, 9781118421840

More Books

Students also viewed these Finance questions