Question
Required: 1. What is the annual payment (round to the nearest $)? 2. What are the total interest payments (round to the nearest $)? 3.
Required:
1. What is the annual payment (round to the nearest $)?
2. What are the total interest payments (round to the nearest $)?
3. After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
4. After 30 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?
Redo the problem if the interest rate is 3% (for a well designed spreadsheet this should take 30 seconds)
Required:
5. What is the annual payment (round to the nearest $)?
6. What are the total interest payments (round to the nearest $)?
7. After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
8. After 30 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?
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Financial Accounting SG
Authors: Meigs
7th Edition
0070422591, 978-0070422599
