Lacy has a $50,000.00 student loan when she graduates on May 4, and the prime rate is set at 4.75%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $875.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Number Interest Interest Rate of Days Charged Accrued Interest Payment (+) or Principal Ba Advance (-) June 1 Amount Tr $ Nov 30 7.25% (inclusive) ப Dec 31 7.25% Jan 31 7.25% Feb 28 7.25% Mar 31 7.25% Total combined interest charged for

Lacy has a $50,000.00 student loan when she graduates on May 4, and the prime rate is set at 4.75%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $875.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Number Interest Interest Rate of Days Charged Accrued Interest Payment (+) or Principal Ba Advance (-) June 1 Amount Tr $ Nov 30 7.25% (inclusive) ப Dec 31 7.25% Jan 31 7.25% Feb 28 7.25% Mar 31 7.25% Total combined interest charged for

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

See similar textbooks

Similar questions

Lacy has a $40,500.00 student loan when she graduates on May 4, and the prime rate is set at 5.5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $925.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule Calculate the total interest charged for both the grace penod and the four payments combined. Assume February does not involve a leap year (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "$149.63") (Give all "Number of Days" quantities as fractions with denominator 365) Date June 1 Nov 30 (inclusive) Dec 31 Jan 31 Feb 28 Mar 31 Balance before Transaction 0 Annual Interest Rate 8% 8% 8% 8% 8% Number of Days Interest Accrued Charged Interest 0 1 Total combined interest charged for grace penod and first four months Payment (+) or Principal Balance after…
Lacy has a $49,500.00 student loan when she graduates on May 4, and the prime rate is set at 4.5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $950.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance Annual before Interest Transaction Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction June 1 $49,500.00 Nov 30 7% (inclusive) ☐ ☐ Dec 31 7% Jan 31 7% Feb 28 7% Mar 31 7% Total combined interest…
ns Lacy has a $41,500.00 student loan when she graduates on May 4, and the prime rate is set at 5.5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $900.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date June 11 Nov 30 (inclusive) Dec 31 Jan 31 Feb 28 Mar 31 Balance before Transaction Annual Interest Rate 8% 8% 8% 8% 8% Number Interest Accrued of Days Charged Interest U D n Total combined interest charged for grace period and first four months: Payment (+) or Principal Balance…
Lacy has a $40,000.00 student loan when she graduates on May 4, and the prime rate is set at 4.75%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $925.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance Annual before Interest Transaction Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance Principal Balance after Amount Transaction (-) June 1 Nov 30 7.25% (inclusive) Dec 31 7.25% Jan 31 7.25% Feb 28 7.25% 7.25% Mar 31 Total combined interest…
Angelica received a 12-year non-subsidized student loan of $14,000 at an annual interest rate of 5.3% (compounded monthly). She will begin repaying the loan after she graduates in 4 years. How much interest must she pay on the loan during the period of time that payments on the loan are not being made? (Round your answer to the nearest cent.) $ Determine her monthly payment on the loan.
Angelica received a 12-year non-subsidized student loan of $18,000 at an annual interest rate of 5.6% (compounded monthly). She will begin repaying the loan after she graduates in 4 years. (a) How much interest must she pay on the loan during the period of time that payments on the loan are not being made? (Round your answer to the nearest cent.) (b) Determine her monthly payment on the loan. (Round your answer to the nearest cent.)
Huan accepted an in-store loan on a computer she just purchased. The monthly payment is $64.53 on the $2,000 computer with a 12% APR for 3 years. Determine the portion of the monthly payment that will go towards interest and principal for the first two months.
Angelica received a 12 year non-subsidized student loan of $12,000 at an annual interest rate of 5.6% (compounded monthly). Determine her monthly payment on the loan after she graduates in 4 years. round your answer to the nearest cent.
Briana received a 10 year subsidized student loan of $28,000 at an annual interest rate of 4.125%. Determine her monthly payments (in dollars) on the loan after she graduates in two years. round your answer to the nearest cent
Angelica Riordan received a five-year non-subsidize student loan of $19,000 at an annual interest rate of 6.2%. what are Angelica's monthly loan payments for this loan after she graduate in four years? ( round your answer to nearest cent)
Angelica received a 12-year non-subsidized student loan of $14,000 at an annual interest rate of 5.3% (compounded monthly). She will begin repaying the loan after she graduates in 4 years. How much interest must she pay on the loan during the period of time that payments on the loan are not being made?
A student has a savings account earning 3% simple interest. She must pay $1100 for first-semester tuition by September 1 and $1100 for second-semester tuition by January 1. How much must she earn in the summer (by September 1) to pay the first-semester bill on time and still have the remainder of her summer earnings grow to $1100 between September 1 and January 1? (Round your answer to the nearest cent.)