Question

13-19 odd please

13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years ago, she borrowed $28,000 for 48 months at 8.1% compounded monthly. Her monthly payments are $684.88, but shed like to pay off the loan early. How much will she owe just after her payment at the 2-year mark? 16. Six-and-a-half years ago a small business borrowed $50,000 for 10 years at 9% compounded semiannually to update some equipment. Now the company would like to pay off this loan. Find the payoff amount just after the company makes the 14th semiannual payment of $3843.81. Problems 17-20 describe a debt to be amortized. In each problem, find: (a) the size of each payment, (b) the total amount paid for each purchase, (c) the total interest paid over the life of the loan. 17. A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 10 years. The interest rate on the debt is 12% compounded semiannually. 18. Sean Lee purchases $20,000 worth of supplies for his restaurant by making a $3000 down payment and amortizing the remaining cost with quarterly payments over the next 5 years. The interest rate on the debt is 16% compounded quarterly.

Answer 1

13)

Function Arguments ? x = 0.015 = 6 Rate 6%/4 Nper Pmt -334.27 PV 10000 Type of 1 1 = -334.27 = 10000 = -8852.08065 Returns the future value of an investment based on periodic, constant payments and a constant interest rate. Type is a value representing the timing of payment: payment at the beginning of the period = 1; payment at the end of the period = 0 or omitted. Formula result = -$8,852.08 Help on this function D OK Cancel

Hence, unpaid balance after 6th payment is $8,852.08

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