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Prepare an amortization table for the following car loan: Amount Financed: Time period: Interest rate: $10,000 3.5 years 4.0% 1 - Determine the monthly payment

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Prepare an amortization table for the following car loan: Amount Financed: Time period: Interest rate: $10,000 3.5 years 4.0% 1 - Determine the monthly payment using the "pmt" function on Excel. 2 - Prepare a monthly amortization table for the payoff of the loan. (Round to cents.) Answer the following questions: a) How much interest expense will they incur in month 12? b) What is the principal balance in month 15? c) What is the principal balance in month 24? 3 - Prepare a second amortization table assuming that you round up the payment to the nearest $100 (Example: payment is $283.19, Roundup would be $300.00.) Answer the following questions: a) b) c) How much interest expense will they incur in month 12? What is the principal balance in month 15? What is the principal balance in month 24? 4 - In what month would you pay off the loan if they round up the payment to the nearest $100

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