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I believe the values I have inserted into cells C20:F67 are incorrect, or at least partially incorrect. I would like help on formula's for the

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I believe the values I have inserted into cells C20:F67 are incorrect, or at least partially incorrect. I would like help on formula's for the given cells.

image text in transcribedimage text in transcribed You have decided to purchase a new car. You plan to take out a loan to pay for the car. The loan amount is $18,900. You will pay 6.5% interest and will pay off the car in 48 months. You are interested in calculating the total amount of money and the total amount of interest you will pay over the course of the loan. To help you with these calculations, you decide to construct an amortization table. An amortization table provides details about the payment, interest amount, principal amount, and loan balance for every month of the loan. Complete the amortization table and the summary calculations below. \begin{tabular}{|l|l|l|l|l|l|} \hline 37 & 18 & $1,291.34 & $1,108.03 & $183.32 & $16,863.24 \\ \hline 38 & 19 & $1,291.34 & $1,096.11 & $195.23 & $16,668.00 \\ \hline 40 & 20 & $1,291.34 & $1,083.42 & $207.92 & $16,460.08 \\ \hline 41 & 21 & $1,291.34 & $1,069.91 & $221.44 & $16,238.64 \\ \hline 42 & 22 & $1,291.34 & $1,055.51 & $235.83 & $16,002.81 \\ \hline 44 & 23 & $1,291.34 & $1,040.18 & $251.16 & $15,751.65 \\ \hline 45 & 24 & $1,291.34 & $1,023.86 & $267.49 & $15,484.16 \\ \hline 46 & 25 & $1,291.34 & $1,006.47 & $284.87 & $15,199.29 \\ \hline 47 & 26 & $1,291.34 & $987.95 & $303.39 & $14,895.90 \\ \hline 48 & 27 & $1,291.34 & $968.23 & $323.11 & $14,572.79 \\ \hline 49 & 28 & $1,291.34 & $947.23 & $344.11 & $14,228.68 \\ \hline 50 & 29 & $1,291.34 & $924.86 & $366.48 & $13,862.20 \\ \hline 51 & 30 & $1,291.34 & $901.04 & $390.30 & $13,471.90 \\ \hline 52 & 31 & $1,291.34 & $875.67 & $415.67 & $13,056.23 \\ \hline 53 & 32 & $1,291.34 & $848.65 & $442.69 & $12,613.54 \\ \hline 54 & 33 & $1,291.34 & $819.88 & $471.46 & $12,142.08 \\ \hline 55 & 34 & $1,291.34 & $789.23 & $502.11 & $11,639.97 \\ \hline 56 & 35 & $1,291.34 & $756.60 & $534.75 & $11,105.22 \\ \hline 57 & 36 & $1,291.34 & $721.84 & $569.50 & $10,535.72 \\ \hline 58 & 37 & $1,291.34 & $684.82 & $606.52 & $9,929.20 \\ \hline 59 & 38 & $1,291.34 & $645.40 & $645.95 & $9,283.25 \\ \hline 60 & & $1,291.34 & $603.41 & $687.93 & $8,595.32 \\ \hline 61 & 39 & $1,291.34 & $558.70 & $732.65 & $7,862.67 \\ \hline 62 & 40 & $1,291.34 & $511.07 & $780.27 & $7,082.40 \\ \hline 63 & 41 & $1,291.34 & $460.36 & $830.99 & $6,251.41 \\ \hline 64 & 42 & $1,291.34 & $406.34 & $885.00 & $5,366.41 \\ \hline 65 & 43 & $1,291.34 & $348.82 & $942.53 & $4,423.88 \\ \hline 66 & 44 & $1,291.34 & $287.55 & $1,003.79 & $3,420.09 \\ \hline 67 & 45 & $1,291.34 & $222.31 & $1,069.04 & $2,351.05 \\ \hline & 46 & $1,291.34 & $152.82 & $1,138.53 & $1,212.53 \\ \hline & $7 & $1,291.34 & $78.81 & $1,212.53 & $0.00 \\ \hline \end{tabular} You can check to see if the total interest calculation from the amortization table is correct. The total interest paid is also equal to the difference between the Total Amount Paid" over the course of the loan and the original loan amount. Insert a formula into cell G14 to check the result of the SUM calculation you just made in cell G13. This formula should calculate the difference between the total amount paid and the original loan amount (notice the negative sign associated with the original loan amount). [-3] The value for the SUM check calculation in cell G14 is incorrect [-3] The formula for the SUM check calculation in cell G13 is incorrect \begin{tabular}{|l|l|l|} \hline 1 & 6/9 & \begin{tabular}{l} Calculate the payment amount for the loan in cell C15. \\ Reference the cells containing the appropriate loan \\ information as the arguments for the function that you \\ use. (Notice that "Payment" on the table fills with the \\ payment amount in cell C15.) \\ {[3] The value in cell C15 is not correct } \end{tabular} \\ \hline 2 & \begin{tabular}{l} Calculate the interest amount for period 1 in cell D20 by \\ multiplying balance in period 0 (cell F19) by the loan \\ interest rate (cell C13) divided by 12 (to create a montly \\ interest rate). This formula is reusable. The interest for \\ a given period is always the monthly interest rate times \\ the balance from the previous period. \\ {[3] The interest amount in cell D20 is incorrect. } \\ {[3] The interest formula in cell D20 does not } \\ reference the correct cells. \end{tabular} \end{tabular}

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