1) Nicole Franco buys a Jeep Wrangler for $31,445, paying 20% down or $6,289 in cash...
1) Nicole Franco buys a Jeep Wrangler for $31,445, paying 20% down or $6,289 in cash and obtaining an auto loan for the balance. If the loan is to be repaid in equal annual installments at the end of each of 5 years at an interest rate of 4.75%,
a. What is the amount of each annual payment?
b. Create an amortization table?
Can you show it in Microsoft Excel Please
Homework Answers
let me know if you need any clarification..
| ans a | |||||||||
| Cost of jeep | 31445 | ||||||||
| Less | Down payment | 6289 | |||||||
| loan amount | 25156 | ||||||||
| using excel formula we can compute the annual installment | |||||||||
| FV | 0 | ||||||||
| PV | -25156 | ||||||||
| N | 5 | ||||||||
| I | 4.75% | ||||||||
| therefore PMT= | $5,770.31 | =PMT(4.75%,5,-25156,0,0) | |||||||
| ans b | Amortization table | ||||||||
| i | ii=i*4.75% | iii | iv=i+ii-iii | ||||||
| Year | Beginning loan | Interest | EMI paid | Closing loan balance | |||||
| 0 | 25156 | ||||||||
| 1 | 25,156.00 | 1,194.91 | 5,770.31 | 20,580.60 | |||||
| 2 | 20,580.60 | 977.58 | 5,770.31 | 15,787.88 | |||||
| 3 | 15,787.88 | 749.92 | 5,770.31 | 10,767.50 | |||||
| 4 | 10,767.50 | 511.46 | 5,770.31 | 5,508.65 | |||||
| 5 | 5,508.65 | 261.66 | 5,770.31 | - | |||||
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