Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

MY NOTES ASK YOUR TEACHER 1. [2/6 Points) DETAILS PREVIOUS ANSWERS A loan of $490,000 is amortized over 30 years with payments at the end

image text in transcribed
MY NOTES ASK YOUR TEACHER 1. [2/6 Points) DETAILS PREVIOUS ANSWERS A loan of $490,000 is amortized over 30 years with payments at the end of each month and an interest rate of 6.3%, compounded monthly Use Excel to create an amortization table showing, for each of the 360 payments, the beginning balance, the interest owed, the principal, the payment amount, and the ending balance Answer the following, rounding to the nearest perny. a) Find the amount of each payments b) Find the total amount of interest paid during the first 15 payments. c) Find the total amount of interest paid over the life of the loan $ a) Find the total of all payments made over 30 years, Suppose that payment number 6 is skipped and the interest owed for month 6 is added to the balance Payments then resume as tual for the remainder of the 30 years e) Find the balance owing at the end of months Find the balance remaining after the 36th payment

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

Portfolio Of Marketing Audits Company Self Assessment Audits

Authors: David Crosby

1st Edition

1902433157, 978-1902433158

More Books

Students also viewed these Accounting questions

Question

i need help with this financial math question, thanks in advance

Answered: 1 week ago