Question
Please help me solve the following problems on an Excel spreadsheet and provide the formulas. Thanks in advance. For problems 6-10: On the blank tab
Please help me solve the following problems on an Excel spreadsheet and provide the formulas. Thanks in advance.
"For problems 6-10: On the blank tab labeled Part 2, following best practices for model creation (formatting, separating the variables from the main table, etc.) create loan amortization tables for loans with the following characteristics: Loan Amount: 24000 Annual Interest Rate: 0.06 Number of Payments Per Year:2 Loan Period in Years: 12 Problem 6: For an equal payment term loan (such as a mortgage), what would be the interest-only portion of the third payment (Rounded to nearest dollar?" a. 678 b. 720 c. 660 d. 452 "Problem 7: For an equal payment term loan (such as a mortgage), what is the loan balance at the end of the third payment (rounded to nearest dollar)?" a. 22585 b. 21000 c.23303 d. 21845 "Problem 8: What is the AIR for the equal payment loan? (2 decimal places, eg xx.%)" a. 0.0609 b.0.0592 c. 0.0644 d. 0.06 "Problem 9: For an equal amortization loan (NOT like a mortgage!), what is the total payment in period 3? " a. 1660 b. 1000 c. 1720 d. 1417 "Problem 10: For an equal amortization loan, what is the amount of interest paid in the third payment? " a. 660 b. 452 c.600 d. 720
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