To help purchase his new minivan, Miguel is taking out a $23,000 amortized loan for 6 years at 6.1% annual interest. His monthly payment for thisloan is $382.26.1Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent.12FULLHDPaymentnumber149°FSunny2Esc⠀Explanation135361080F1Z²Interestpayment2$F20SO$Check$66.99$0((1)):F3#3Principalpayment$0$0$315.27$0F4$4F5New loanbalance$1$22,467.97:$12,863.69$0F6%5 €▬▬^6IXF7aS WL FacerF8&27773W2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | AccessibilityF9D*88F10X99PDF/W& EstF11F12NumLkPrt ScPause Br+//181AaInsertDeleteLaE12:57 PM11/15/2022Back

An amortization schedule shows periodic loan payments of principal and the amount of interest until…

Answered: To help purchase his new minivan,…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.
Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
To help purchase his new minivan, Ahmad is taking out a s26,000 amortized loan for 6 years at 5.2% annual interest. His monthly payment for this loan is $421.14. Fill in all the blanks in the amortization schedule for the loan. Assume 1 that each month is of a year. Round your answers to the nearest cent. 12 New loan Payment number Interest Principal payment payment balance 1 2 $25,381.72 25 $78.93 $342.21 $17,873.52 26
To help purchase his new minivan, Eric is taking out a $17,000 amortized loan for 6 years at 5.9% annual interest. His monthly payment for this loan is $280.94. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number 1 2 1 40 41 Interest payment $0 $0 $41.98 Principal payment $0 $0 $238.96 $0 New loan balance $0 $16,604.31 $8299.52 $
To help purchase her new truck, Rita is taking out a $19,000 amortized loan for 6 years at 6.5% annual interest. Her monthly payment for this loan is $319.39. 1 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number 1 2 20 21 Interest payment $1 $ $79.52 $0 Principal payment $0 $0 E $239.87 $0 New loan balance $0 $18,565.88 $14,440.35 $0 X 3
To help buy his new townhome, Bill is taking out a s163,000 mortgage loan for 30 years at 3.4% annual interest. His monthly payment for this loan is $722.87. Fill in all the blanks in the amortization schedule for the loan. Assume 1 that each month is of a year. Round your answers to the nearest cent. 12 Interest Payment number Principal New loan payment payment balance 1 $162,477.18 130 $346.85 $376.02 $122,041.32 131
o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31
o help purchase her new car, Nicole is taking out a $34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. ill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 2 $104.91 $455.36 $21,250.60 31 30
Wade Ellis buys a new car for $16,127.42. He puts 10% down and obtains a simple interest amortized loan for the rest at 0.115 interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Interest Portion Total Payment Balance 0 $ _______ 1 $ _______ $ _________ $ _______ $ _______ 2 $ _______ $ _________ $ _______ $ _______
To help buy her new condominium, Maria is taking out a $154,000 mortgage loan for 30 years at 3.7% annual interest. Her monthly payment for this loan is $708.84. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 1 12 Payment number 1 2 1 140 141 Interest payment $ $349.86 $0 Principal payment $358.98 $ New loan balance $0 $153,531.26 $113,108.33 $ ? OO E 4
Wade Ellis buys a new car for $16,177.57. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest.(c) Prepare an amortization schedule for the first two months of the loan. Payment Number PrincipalPortion InterestPortion Total Payment Balance 0 n/A n/A n/A n/A 1 ? ? ? ? 2 ? ? ? ?

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