Question

Car Payment related

Loan Amount: 80000 (Cell A3)

Interest Rate: 4.5% per year (Cell B3)

Years of the loan: 6 years (Cell B5)

- What is the formula to figure out the monthly payment? (Show
formula first, then when you hit enter, you should see the monthly
payment amount.)
**(2 points)** - What is the first pay period’s Principle and Interest
payment? (Show formula first, then when you hit enter,
you should see the Principle and Interest amounts.
**(4 points)** -

Answer #1

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Consider an amortizing loan. The amount borrowed initially is
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in equal monthly payments over 17 years. As we know, while each
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principle paid will change from payment to payment. How much of the
very first payment is interest?

Create a formula using the PMT function to calculate the monthly
loan payment using interest rate and loan period values in cells
C4:C8. Enter the formula with a - (negative) sign to return
positive value. Do not specify values for the optional arguments fv
or type.
Loan amount: $1,000,000
Interest Rate APR- 5.0%
Monthly Interest Rate- 0.4%
Payment periods (years)- 5
Period (months)- 60

Emile bought a car for $27,000 three years ago. The loan had a 5
year term at 6% interest rate, and Emile has been making monthly
payments for three years. How much does he still owe on the
car?
(Hint: first you will need to figure out the monthly
payment on the 5 year loan.)

When you purchased your? car, you took out a? five-year
annual-payment loan with an interest rate of 5.7% per year. The
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You have just made a payment and have now decided to pay off the
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for the following? scenarios?
a.You have owned the car for one year? (so
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b. You have owned the car...

Number of years= 20
Number of months=240
Annual Percentage Rate=8.00%
Monthly interest rate=0.67%
Loan amount=$441,747
Fixed monthly repayment amount=$ 3,694.95
1. The borrower actually had to pay $250 more each month due to
hidden fees and charges. Calculate the implied nominal interest
rate compounded monthly, the borrower is actually charged on the
loan taking into account these charges
2. Total amount of interest paid in the 3rd year?
3. The total principle paid in the 4th year?
4. The amount...

A $10000 loan has an interest rate of 12% per year, compounded
monthly, and 30 equal monthly payments are required.
a) If payments begin at the end of the first month, what is the
value of each payment?
b) How much interest is in the 10th payment?
c) What would you enter into Excel to solve part b?
d) What is the unpaid balance immediately after the 10th
payment?
e) If the 30 loan payments are deferred and begin at...

When you purchased your car, you took out a five-year
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outstanding balance. What is the payoff amount for the following
scenarios? a. You have owned the car for one year (so there are
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DO NOT USE EXCEL TO RESPOND TO THIS QUESTION. USE THE FORMULA FOR
EACH STEP AND SHOW WORK.

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payment and ending balance for each month. How much is the total
interest payment for the first four months? (show only four months
on the table).

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