Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. aloon of $430,000 is amortized over 30 years with

Aloon of $430,000 is amortized over 30 years with payments at the end of each...

50.1K

Verified Solution

Question

Finance

image
Aloon of $430,000 is amortized over 30 years with payments at the end of each month and an interest rate of 7.5%, compounded monthly. Use Excel to create an amortization table showing, for each of the 360 payments, the beginning balance, the interest owed, the principal, the payment amount, and the ending balance Answer the following, rounding to the nearest penny. a) Find the amount of each payment. $300682 b) Find the total amount of interest paid during the first 15 payments. 54009730 c) Find the total amount of interest paid over the life of the loans 652384.06 dy Find the total of all payments made over 30 years, 52164768.12 x Suppose that payment number 5 is skipped and the interest owed for month 5 is added to the balance. Payments then resume as usual for the remainder of the 30 years e) Find the balance owing at the end of month 5. 42638432 Find the balance remaining after the 360th payment. $290795

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Sine Graphs Determine the vertical shift of the following Sine graph 5 www 1 O...

Basic Math
Q

Identify and explain the acronym S.M.A.R.T. as used in goal setting theory. Give an example of...

Finance
Q

You are interested in knowing whether wealthier people are happier. You collected data from fifty people...

Basic Math
Q

Choose two random topics from Bloomberg business website and summarize them with source?

General Management
Q

Find the maximum magnitude of the linear momentum of a photoelectron emitted when light of...

Physics
Q

93 A current is flowing through a cylindrical conductor of radius R such that current...

Physics
Q

A school district has a standardized test that it uses to sort students into magnet...

Statistics
Q

Question Ken is conducting a study to determine if there is a significant correlation between...

Statistics
Q

Use a graphing utility to approximate the real solutions Round to two decimal places x...

Calculus
Q

"Purchased in-process research and development" is typically associated with a. creative acquisition accounting. b. cookie...

Accounting
Q

Three part question I answered some of it ...

Accounting
Q

Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in February:...

Accounting