Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Loan Parameters Loan Summary Information $ 400,000 Principal Monthly Payment (P&I Only) $2,923.71 6.25% Annual Interest Rate Scheduled Number of Payments 240 3/1/2015 Date of

Loan Parameters Loan Summary Information
$ 400,000 Principal Monthly Payment (P&I Only) $2,923.71
6.25% Annual Interest Rate Scheduled Number of Payments 240
3/1/2015 Date of First Payment Normal Payoff Date
20 Term of Loan (Years) Actual Number of Payments 225
12 Number of Payments Per Year Actual Payoff Date 11/1/2033
$100.00 Extra Payment Every Period Total of Extra Payments $22,500.00
Total of All Interest Payments $ 279,826.29
Payment Number Date Beginning Balance Regular Payment Interest Principal Extra Payment Ending Balance
1 3/1/2015 $ 400,000 2923.71281 $ 2,083.33 $ 840.38 $100.00 $ 399,059.62
2 4/1/2015 $ 399,059.62 2923.71281 $ 2,078.44 $ 845.28 $100.00 $ 398,114.34
3 5/1/2015 $ 398,114.34 2923.71281 $ 2,073.51 $ 850.20 $100.00 $ 397,164.14
4 6/1/2015 $ 397,164.14 2923.71281 $ 2,068.56 $ 855.15 $100.00 $ 396,208.99
5 7/1/2015 $ 396,208.99 2923.71281 $ 2,063.59 $ 860.12 $100.00 $ 395,248.87
6 8/1/2015 $ 395,248.87 2923.71281 $ 2,058.59 $ 865.12 $100.00 $ 394,283.74
7 9/1/2015 $ 394,283.74 2923.71281 $ 2,053.56 $ 870.15 $100.00 $ 393,313.59
8 10/1/2015 $ 393,313.59 2923.71281 $ 2,048.51 $ 875.20 $100.00 $ 392,338.39
9 11/1/2015 $ 392,338.39 2923.71281 $ 2,043.43 $ 880.28 $100.00 $ 391,358.10
10 12/1/2015 $ 391,358.10 2923.71281 $ 2,038.32 $ 885.39 $100.00 $ 390,372.71

Above are the loan parameters and loan summary information and part of the amortization table. I need help with the formula for finding the normal payoff date based on the scheduled number of payments. The normal payoff date should equal the date that corresponds with the payment number that is in the scheduled number of payments in the loan summary table.

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

Question

2. Explain about Single Phase Circuit with relevant diagrams.

Answered: 1 week ago