Question

Question 5 (2 points) All the remaining questions are based on the following scenario: You take out an $19,000.00 car loan that calls for 48 monthly payments at an APR of 6.7%. Complete an amortization table and answer the following questions. You must complete the amortization table to answer the questions (otherwise your answers could be off due to rounding error... all totals are based on intermediate numbers that have not been rounded). The answer you enter must be rounded (correctly) to two decimal places. You do not need to include commas or dollar signs in your answer. For example, the end balance after 41 months would be entered as 3096.82 What is your loan payment? Question 6 (1 point) What is the total interest paid on the loan?

Answer 1

D P A B C E F G M C Q R K N 1 Interest Principal End Principal Repay End Year Вер Repay Year Вeg Interest 2 452.34 9738.03 1 19000.00 106.08 346.26 452.34 18653.74 25 10133.79 56.58 395.76 3 Loan 2 18653.74 452.34 18305.56 19000 104.15 348.19 26 9738.03 54.37 397.97 452.34 9340.06 4 NPER 18 452.34 17955.42 452.34 8939.87 3 18305.56 102.21 350.13 27 9340.06 52.15 400.19 5 APR 452.34 8537.45 6.70% 4 17955.42 100.25 352.09 452.34 17603.34 28 8939.87 49.91 402.42 354.05 8537.45 6 PMT 452.34 452.34 17249.28 47,67 452.34 8132.77 5 17603.34 98.29 ... 29 404.67 6 17249.28 452.34 16893.25 96.31 356.03 30 8132.77 45.41 406.93 452.34 7725.84 8 7 16893.25 452.34 16535.23 94.32 358.02 31 7725.84 43.14 409.20 452.34 7316.64 9 Loan payment 452.34 6905.15 452.34 8 16535.23 92.32 360.02 452.34 16175.22 32 7316.64 40.85 411.49 10 Total interest 2712.26 9 16175.22 90.31 362.03 452.34 15813.19 33 6905.15 38.55 413.79 452.34 6491.37 11 Total amount 452.34 6075.27 21712.3 10 15813.19 88.29 364.05 452.34 15449.14 34 6491.37 36.24 416.10 12 Balance 0.00 11 15449.14 86.26 366.08 452.34 15083.06 35 6075.27 33.92 418.42 452.34 5656.85 12 15083.06 13 84,21 368.13 452,34 14714.93 36 5656.85 31.58 420.75 452.34 5236.10 14 452.34 14344.75 37 13 14714.93 82.16 370.18 5236.10 29.23 423.10 452.34 4813.00 15 14 14344.75 372.25 38 80.09 452.34 13972.51 4813.00 26.87 425.47 452.34 4387.53 16 15 13972.51 78.01 374.33 452.34 13598.18 39 4387.53 24.50 427.84 452.34 3959.69 17 16 13598.18 75.92 376.42 452.34 13221.77 40 3959.69 22.11 430.23 452.34 3529.46 452.34 3096.82 17 13221.77 73.82 378.52 452.34 12843.25 41 3529.46 19.71 432.63 19 452.34 12462.62 18 12843.25 71.71 380.63 42 3096.82 17.29 435.05 452.34 2661.78 452.34 12079.86 19 12462.62 69.58 382.76 45 2661.78 14.86 437.48 452.34 2224.30 20 12079.86 452.34 11694.97 67.45 384,89 44 2224.30 12.42 439.92 452.34 1784.38 21 11694.97 452,34 11307.93 452.34 1342.00 65.30 387.04 45 1784.38 9.96 442,38 389.20 452.34 10918.72 452.34 444.85 22 11307.93 63.14 ЛЕ 1342.00 7,49 897.16 4E 23 10918.72 452.34 10527.35 60.96 391.38 17 897.16 5.01 447.33 452.34 449.83 24 10527.35 58.78 393.56 452.34 10133.79 ия 449.83 2.51 449,83 452.34 0.00 8 2852 S

0 A D F G H K L M N C 1 Principal Repay End Principal Yea Beg Interest Year Beg Interest Repay End E2*$B$5/12 -E3*SB$5 / 12 Ft4 SB55/12 -L2 $B$5 /12 2 1 B3 EH2-F2 SB$6 E2-G2 D25+1 125 02-M2 SB$6 L2-N2 Loan -$B$6 E3-G3 - K2+ 1 19000 D2+1 12 FL3*SB$5/12 03-M3 -SB$6 L3-N3 -Н3-F3 =P2 D3+1 APR 0067 =PA =$B$6 = E6-G6 6 PMT =PMT(85/ 12,B4-B3) = K5+ 1 -E6*SBS5/12 EDS+1 IS H6-F6 -P5 L6*$B$5 / 12 06-M6 SB$6 L6-N6 -E7 $B$5/12 - E8 $B$ 5 / 12 - E9*$ BS 5 / 12 7 -D6+1 16 -SB$6 E7-G7 K6+1 -P6 L7 SB$5/12 07-M7 SB$6 L7-N7 H7-F7 = K7 +1 $B$6 -E8-G8 8 -D7+1 P7 L8*$B$5/12 $B$6 =L8-N8 17 -н8-F8 -08-M8 SB$6 L9- N9 9 Loan payment B6 10 Total interest 11 Total amount H9-F9 L9*SB$5/12 09-M9 -D8+1 =18 -SB$6 E9-G9 K8+1 P8 L10*SB$5/12 010-M10 SB$6 L10-N10 K10+1 P10 11 $B$5/12 011-M11 -$B$6 L11-N11 K11+1 P11 12*$B$5 /12 012-M12 -SBS6 L12 - N12 - L13 * SBS 5 / 12 013-M13 $B$6 =L13-N1 3 -014 - M14 SB$6 L14-N14 SUM(F2:F25,M2:M25) D9+1 =19 -E10*SB$5/12 =H10-F10 $BS6 E10-G10 -K9+ 1 -P9 - 86*84 = P25 -010+1 110 =E11 $B$ 5 /12 =H11- F11 - $ B$6 E11-G11 -D11+1 1 11 =E12 $B$ 5 /12 =H12-F12 -$ B$6 E12-G12 - 112 - E13 $ B$5/12 -H13- F13 =SB$6 - E13-G13 D13+1 113-E14 SB$5/12 =H14-F14 -$B$6 E14-G14 F114 - E15 " $ BS5/12 H15-F15 =SB$6 E15- G15 115 - E16 $ B$5/12 -H16-F16 -$B$6 - E16-G16 12 Balance 13 -D12+1 -K12+ 1 -P12 14 i -K13+1 - P13 L14*SB$5 / 12 - P14 - K14 + 1 - K15 + 1 15 -015 - M15 $B$6 EL15-N15 -D14+1 EL15 $B$5/12 16 -P15 L16*SB$5/12 016-M16 $B$6 L16-N16 -D15+1 17 D16+1 16 =E17*$B$5/12 =H17-F17 =SB$6 E17-G17 D17+1 17=E18 SB$5/12 =H18-F18 $B$6 E18-G18 D18+1 118 =E19 SB$5 / 12 =H19-F19 - $B$6 E19-G19 K16+1 P16 =17*$B$5/12 017-M17 $B$6 =L17-N17 K17+1 -P17 =18*SB$5 /12 018-M18 $B$6 L18-N18 -K18+ 1 P18 L19 $B$5/ 12 019-M19 -$B$6 EL19-N19 = K19+1 - P19 L20*$B$5/12 020-M20 -$BS6 L20-N20 18 19 20 D19+1 119 -E20*$B$5/12 =H20-F20 =$BS6 -E20-G20 D20+1 120 E21 $B$5/12 -H21-F21 =SB$6 = E21-G21 021+1 121 E22*$B$5/12 =H22-F22 =SB$6 = E22-G22 D22+1 122 E23*$ B$ 5/12 H23-F23 =$B$6 =E23-G23 21 -K20+1 =P20 L21*$B$5/12 =021-M21 =SB$6 =L21-N21 K21+1 P21L22*$B$5/12 022-M22 $B$6 =L22-N22 -K22+1 =P22 L23*SB$5 / 12 =023-M23 =$B$6 =23-N23 =K23+ 1 - P23 L24*$B$5/12 024-M24 -SBS6 L24-N24 = K24 + 1 = P24 =L25*SB$5/12 =025-M25 =SB$6 =L25-N25 22 23 D23+1 123 E24*$B$5/12 H24-F24 $B$6 -E24-G24 24 - D24+ 1 124 =E25*$B$5 /12 =H25-F25 =S B$6 E25-G25