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I completed the Amortization Schedule and need help with the Future Value formula. 'Use the FV (Future Value) function to determine the outstanding loan balance
I completed the Amortization Schedule and need help with the Future Value formula.
'Use the FV (Future Value) function to determine the outstanding loan balance in Year 5. Use the amortization schedule below to check your work.
Use the FV (Future Value) function to determine the outstanding loan balance in Year 5. Use the amortization schedule below to check your work. Loan Principal Loan Term Interest Rate Loan Balance $4,000,000 15 10.00% $127,089,926.78 Interest Principal 0 1 2 3 4 5 6 7 Begin $4,000,000 $4,000,000 $3,874,105 $3,735,620 $3,583,287 $3,415,721 $3,231,398 $3,028,642 $2,805,612 $2,560,278 $2,290,410 $1,993,556 $1,667,017 $1,307,823 $912,711 $478,086 PMT $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $525,895 $400,000.00 $387,410.49 $373,562.03 $358,328.72 $341,572.08 $323,139.78 $302,864.24 $280,561.16 $256,027.76 $229,041.03 $199,355.62 $ 166,701.67 $130,782.33 $91,271.05 $ 47,808.65 8 End $4,000,000 $3,874,105 $3,735,620 $3,583,287 $3,415,721 $3,231,398 $3,028,642 $2,805,612 $2,560,278 $2,290,410 $1,993,556 $1,667,017 $1,307,823 $912,711 $478,086 $0 $125,895.11 $ 138,484.62 $152,333.08 $167,566.39 $184,323.03 $202,755.33 $223,030.86 $245,333.95 $269,867.34 $296,854.08 $326,539.49 $359,193.43 $395,112.78 $434,624.06 $478,086.46 9 10 11 12 13 14 15Step by Step Solution
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