Using a spreadsheet application, create an amortization schedule for a 30 year, fixed rate (4.58%) $200k...
Using a spreadsheet application, create an amortization schedule for a 30 year, fixed rate (4.58%) $200k loan. Answer the following: what is the monthly payment? how much total interest will you pay? Print out enough of your spreadsheet to defend your work and answers.
Homework Answers
Monthly payment = $1022.90
Total interest = $168,243.85
Workings: Due to space contraint, printing only the first 10 and last payments
| Loan Amount | Interest Rate | Term in Years | Monthly Payment | ||
| $200,000.00 | 4.58% | 30 | $1,022.90 | ||
| Month | StartingBalance | Interest | Principal | EndingBalance | TotalInterest |
| 1 | $200,000.00 | $763.33 | $259.57 | $199,740.43 | $763.33 |
| 2 | $199,740.43 | $762.34 | $260.56 | $199,479.88 | $1,525.68 |
| 3 | $199,479.88 | $761.35 | $261.55 | $199,218.33 | $2,287.02 |
| 4 | $199,218.33 | $760.35 | $262.55 | $198,955.78 | $3,047.37 |
| 5 | $198,955.78 | $759.35 | $263.55 | $198,692.22 | $3,806.72 |
| 6 | $198,692.22 | $758.34 | $264.56 | $198,427.67 | $4,565.06 |
| 7 | $198,427.67 | $757.33 | $265.57 | $198,162.10 | $5,322.40 |
| 8 | $198,162.10 | $756.32 | $266.58 | $197,895.52 | $6,078.71 |
| 9 | $197,895.52 | $755.30 | $267.60 | $197,627.92 | $6,834.02 |
| 10 | $197,627.92 | $754.28 | $268.62 | $197,359.30 | $7,588.30 |
| 351 | $10,017.51 | $38.23 | $984.67 | $9,032.84 | $168,070.60 |
| 352 | $9,032.84 | $34.48 | $988.42 | $8,044.42 | $168,105.08 |
| 353 | $8,044.42 | $30.70 | $992.20 | $7,052.22 | $168,135.78 |
| 354 | $7,052.22 | $26.92 | $995.98 | $6,056.24 | $168,162.70 |
| 355 | $6,056.24 | $23.11 | $999.78 | $5,056.45 | $168,185.81 |
| 356 | $5,056.45 | $19.30 | $1,003.60 | $4,052.85 | $168,205.11 |
| 357 | $4,052.85 | $15.47 | $1,007.43 | $3,045.42 | $168,220.58 |
| 358 | $3,045.42 | $11.62 | $1,011.28 | $2,034.15 | $168,232.20 |
| 359 | $2,034.15 | $7.76 | $1,015.14 | $1,019.01 | $168,239.96 |
| 360 | $1,019.01 | $3.89 | $1,019.01 | $0.00 | $168,243.85 |
Formulae used
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Using a spreadsheet application, create an amortization schedule
for a 30 year, fixed rate (4.58%) $200k...
** Please read the bold statement after the question, I have the answers, but I need...
** Please read the bold statement after the question, I have the
answers, but I need to make sure they are correct. Thanks**
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** Please read the bold statement after the question, I have the
answers, but I need to make sure they are correct. Thanks**
#1 Using a spreadsheet application, create an amortization
schedule for a 30 year, fixed rate (4.58%) $200k loan. Answer the
following: what is the monthly payment? how much total interest
will you pay? Print out enough of your spreadsheet to defend your
work and answers.
Assume that you took the loan in #1 and paid your monthly...
14 Create the amortization schedule for a loan of $5,500, paid monthly over two years using an APR of 9 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) 10 points Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 eBoo 3 Print References
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please answer correctly. Thanks
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- a Amazon Twitch PayPal BlackBoard Saved Problem 5-50 Amortization Schedule (LG5-9) Create the amortization schedule for a loan of $4,600. paid monthly over two years using an APR of 9 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance
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