jim wants to buy a car and is considering several financing options. The car Jim wants to buy costs $24,000. 1) Calculate the amount of each monthly car payment using the PMT function. 2) Calculate the total amount of the car payments and 3) the total amount of interest paid over the term of the loan under the following financing options. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect Amount financed $24,000 Payments per year 12 Financing Ten (years) Annual interest 1) Monthly Option Tate payment 1 2 3 4 4 6 3 5 3 4 5 6 7 8 5.0% 4.0% 4.5% 6.0% 2) Total 3) Total payments over interest paid term over term ($26,529.75) ($27034.88) ($25,701 34) ($27 839 23) ($55270) ($375.48) ($713.93) ($463.99) 9 jim wants to buy a home, and is considering several financing options Jim plans to borrow $260,000 with monthly payments. 1) Calculate the amount of each mortgage payment using the PMT function 2) Calculate the total amount of mortgage payments and 3) the total amount of interest paid over the term of the mortgage under the following financing options Enter a valid Excel formula or function in each of the yellow cells below Formulas must refer to cell address(es) Entering a value will be marked as incorrect Mortgage amount $260.000 Payments per year 12 Financing Term (years) Annual interest 1) Monthly 2) Total 3) Total Option rate payment payments over interest paid term over term 1 20 60% ($1.862 72) ($44705298) 2 15 50% ($2,056 06) ($370091.42) 3 10 5.5% ($2.821 68) ($338, 601 99) 4 20 70% (52 01578) (S483 786.54) 5 16 On January 1, 2020 the Jim Company borrows $140,000 cash by signing a 2-year, 6%, installment note, with quarterly interest payments. 1) Calculate the amount of each payment using the PMT function. 2) Prepare the amortization schedule for the loan. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Loan amount Term (years) Annual interest % Payments per year $140,000 2 6% 1) What is the amount of each quarterly loan payment? The PMT function must be used, and formula must return a positive value $18,702 3 4 15 16 17 18 2) Complete the amortization schedule for this note All formulas must return a positive value Credit Cash Beginning Balance $140,000.00 Debit Interest Expense $2,100.00 Debit Notes Payable Ending Balance 19 20 21 22 23 24 25 26 27 28 29 30 31 Quarterly Interest Period 1 2 3 4 5 6 7 8 $18.701.76 $18,701.76 $18,701.76 $18.701.76 $18,701.76 $18.701.76 $18.701.76 $18,701.76
