Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 4 [10 points] On Jaly 1, 2023 Bentley inc. borrowed $660,000 by signing a fouryyour instatmont note boaing interest at ffte. Complete the instaliment
Question 4 [10 points] On Jaly 1, 2023 Bentley inc. borrowed $660,000 by signing a fouryyour instatmont note boaing interest at ffte. Complete the instaliment note amortization schedule for this note assuming each payment requires equal total payments. Use the built-in FV functions for these calculations. Enter PV(n;i) in a value box to cakculate the present value of $1 over n compounding poniods wath a penodic rate of i. Sim laify, use. PVA(n:i) to calculate the present vakie of an annuity. Eg. the present value of $1,000 with a periodic rate of 3%, and 2 compounding periods can be entered as 1000+Pv(2,3) To use the bult-in PV functions to caiculate the payment, the formula is. Princpal balance + PVAini) where n= the mumber of payments and i = the interest tate For example, it 510,000 is hoirrowed by signing a four-year, 5% installment note. The nole requires four equal payments of accrued interest and principal. Each of the four equal payments is cakculated by
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started