PMT function
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
Related questions
Question
- In cell G10, insert a formula using the PMT function using the monthly interest rate (cell G6), the loan period in months (cell G8), and the loan amount (cell G4) to calculate the monthly payment for the 10 Years scenario.
Transcribed Image Text:**Business Expansion: Loan Calculator**
**Loan Payment Calculator:**
- **Date:** 10/12/2021
- **Rate:** 4.35%
- **Purchase:** Distribution center
- **Price:** $2,150,000
- **Down Payment:** $430,000
- **Loan Amount:** $1,720,000
- **Term in Months:** 180
- **Monthly Payment:** $13,026.41
- **Total Interest:** $624,753.96
- **Total Cost:** $2,774,753.96
**Varying Interest Rates and Terms:**
This table details different interest rates and the corresponding monthly payments over various loan terms (120, 180, and 240 months).
- **Rate (%):** Lists potential interest rates from 3.85% to 5.05%.
- **Number of Months and Payments:**
- 3.85% results in payments of $17,291.81 (120 months), $12,593.73 (180 months), $10,287.42 (240 months), etc.
- Rates and payments continue similarly through 5.05%.
**Scenarios:**
- **Loan Amount:** $1,720,000
- **Annual Interest Rates:**
- 10 Years: 4.45%
- 15 Years: 4.40%
- 5 Years: 4.55%
- **Monthly Interest Rates:**
- 0.37% for 10 and 15 years, 0.38% for 5 years
- **Loan Period in Years and Months:**
- 10 years/120 months
- 15 years/180 months
- 5 years/60 months
- **Start Date:** 1/3/2022 for all scenarios
- **Monthly Payment and Future Value**:
- Future Value is not applicable (n/a)
- Monthly Payment: ($16,000) for 10 and 15 years, ($20,000) for 5 years
**Candidate Properties:**
This section is left blank—no specific details provided on type, contact, state, or months on market.
**Summary:**
The document provides a comprehensive tool for understanding different loan scenarios for a business expansion. It includes detailed calculations of monthly payments based on varying interest rates and terms, helping in financial
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