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  3. amount financed = 240,000 - 91,088 = $148,912. thi

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 =...

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Finance

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper= 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month =PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table isshown below: Payment no. Loan balance at the start of the monthAmount of payment Interest Principal paid Loan balance at the endof the month find from payment # 50-100.

47$119,814.49$1,139.17$449.30$689.86$119,124.63
48$119,124.63$1,139.17$446.72$692.45$118,432.18
49$118,432.18$1,139.17$444.12$695.05$117,737.13
50$117,737.13$1,139.17$441.51$697.65$117,039.48

Answer & Explanation Solved by verified expert
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Payment No. Loan balance at the start of the month Amount of payment Interest (0.375% per month) Principal Paid Loan balance at the end of the month
A B C D=B x 0.375% E=C-D F=B-E
50 $117,737.13 $1,139.17 $441.51 $697.66 $117,039.47
51 $117,039.47 $1,139.17 $438.90 $700.27 $116,339.20
52 $116,339.20 $1,139.17 $436.27 $702.90 $115,636.30
53 $115,636.30 $1,139.17 $433.64 $705.53 $114,930.77
54 $114,930.77 $1,139.17 $430.99 $708.18 $114,222.59
55 $114,222.59 $1,139.17 $428.33 $710.84 $113,511.76
56 $113,511.76 $1,139.17 $425.67 $713.50 $112,798.25
57 $112,798.25 $1,139.17 $422.99 $716.18 $112,082.08
58 $112,082.08 $1,139.17 $420.31 $718.86 $111,363.22
59 $111,363.22 $1,139.17 $417.61 $721.56 $110,641.66
60 $110,641.66 $1,139.17 $414.91 $724.26 $109,917.39
61 $109,917.39 $1,139.17 $412.19 $726.98 $109,190.41
62 $109,190.41 $1,139.17 $409.46 $729.71 $108,460.71
63 $108,460.71 $1,139.17 $406.73 $732.44 $107,728.27
64 $107,728.27 $1,139.17 $403.98 $735.19 $106,993.08
65 $106,993.08 $1,139.17 $401.22 $737.95 $106,255.13
66 $106,255.13 $1,139.17 $398.46 $740.71 $105,514.42
67 $105,514.42 $1,139.17 $395.68 $743.49 $104,770.93
68 $104,770.93 $1,139.17 $392.89 $746.28 $104,024.65
69 $104,024.65 $1,139.17 $390.09 $749.08 $103,275.57
70 $103,275.57 $1,139.17 $387.28 $751.89 $102,523.68
71 $102,523.68 $1,139.17 $384.46 $754.71 $101,768.98
72 $101,768.98 $1,139.17 $381.63 $757.54 $101,011.44
73 $101,011.44 $1,139.17 $378.79 $760.38 $100,251.06
74 $100,251.06 $1,139.17 $375.94 $763.23 $99,487.84
75 $99,487.84 $1,139.17 $373.08 $766.09 $98,721.74
76 $98,721.74 $1,139.17 $370.21 $768.96 $97,952.78
77 $97,952.78 $1,139.17 $367.32 $771.85 $97,180.93
78 $97,180.93 $1,139.17 $364.43 $774.74 $96,406.19
79 $96,406.19 $1,139.17 $361.52 $777.65 $95,628.55
80 $95,628.55 $1,139.17 $358.61 $780.56 $94,847.98
81 $94,847.98 $1,139.17 $355.68 $783.49 $94,064.49
82 $94,064.49 $1,139.17 $352.74 $786.43 $93,278.06
83 $93,278.06 $1,139.17 $349.79 $789.38 $92,488.69
84 $92,488.69 $1,139.17 $346.83 $792.34 $91,696.35
85 $91,696.35 $1,139.17 $343.86 $795.31 $90,901.04
86 $90,901.04 $1,139.17 $340.88 $798.29 $90,102.75
87 $90,102.75 $1,139.17 $337.89 $801.28 $89,301.47
88 $89,301.47 $1,139.17 $334.88 $804.29 $88,497.18
89 $88,497.18 $1,139.17 $331.86 $807.31 $87,689.87
90 $87,689.87 $1,139.17 $328.84 $810.33 $86,879.54
91 $86,879.54 $1,139.17 $325.80 $813.37 $86,066.17
92 $86,066.17 $1,139.17 $322.75 $816.42 $85,249.74
93 $85,249.74 $1,139.17 $319.69 $819.48 $84,430.26
94 $84,430.26 $1,139.17 $316.61 $822.56 $83,607.70
95 $83,607.70 $1,139.17 $313.53 $825.64 $82,782.06
96 $82,782.06 $1,139.17 $310.43 $828.74 $81,953.33
97 $81,953.33 $1,139.17 $307.32 $831.85 $81,121.48
98 $81,121.48 $1,139.17 $304.21 $834.96 $80,286.52
99 $80,286.52 $1,139.17 $301.07 $838.10 $79,448.42
100 $79,448.42 $1,139.17 $297.93 $841.24 $78,607.18

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Transcribed Image Text

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper= 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month =PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table isshown below: Payment no. Loan balance at the start of the monthAmount of payment Interest Principal paid Loan balance at the endof the month find from payment # 50-100.47$119,814.49$1,139.17$449.30$689.86$119,124.6348$119,124.63$1,139.17$446.72$692.45$118,432.1849$118,432.18$1,139.17$444.12$695.05$117,737.1350$117,737.13$1,139.17$441.51$697.65$117,039.48

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