6:51 Done Module 2_3 Formula Sheet 6:50 Done Amortization Worksheet 2 - 1 - HE 2 - FH - --- 6:55 Done M2-3 Finance, Credit Cards, and... WSS Credit Cards You have a credit card with a current balance of $1500. The interest rate is 15.99% Reminders You will use the Amortization Worksheet Excel Workbook to complete this assignment. If your minimum payment is a percent, be sure to change cell 3 to "Percent of Balance if your minimum payment a dollar amount, be sure to change cell C3 to "Dollars Use Excel to answer the following questions 5. If your minimum payment is 15% of your new balance what is the balance of your card month 247 6. If your minimum payment is $75, what is the balance of your card month 247 7. What do you think is a better idea: Paying a percentage of your monthly balance or paying a fixed amount each month? Why? Mortgages You decide to buy a house! The home is priced at $279.000 and the bank has agreed to finance your home at 5.1% for 30 years. (Note: Excel approximations do not include property taxes or insurance) Use the Amortization Worksheet and Module 2 Formula Sheet to answer the following questions 8. What is the monthly payment? 9. How much of the first payment is interest? How much of that first payment actually goes to reducing the principal? 10. At which month did you pay approximately half of the mortgage? Is this halfway through your mortgage? Let's explore making extra payments on your mortgage Change the payment value in cell B3 to be $100 more than it is now 11. If you pay just $100 more each month, when will you make your last payment? 12. How much time does that cut off of your mortgage how many months do you not have to make a mortgage payment)? 13. If you make the payments which are $100 larger how much do you pay over the life of the loan? 14. If you made the originally payments, without paying an extra $100 per month, how much do you pay over the life of the loan? 15. Therefore, by paying an additional $100 per month, you will save over the life of the mortgage Module 2-3 Finance, Credit Cards, and Mortgages Show all work to receive credit. Any written questions should be at least 3 sentences long. Finance 1. Jim opens a savings account with $22,500. His account pays 3.5% simple interest. At the end of 5.5 years, Jim closes the account. How much interest does he earn? What is the total value of his account when he closes it? 2. Jim opens a savings account with $22,500. His account pays 3.5% interest compounded yearly. At the end of 5.5 years, Jim closes the account. How much interest does he earn? What is the total value of his account when he closes it? 3. Jim opens a savings account with $22,500. His account pays 3.5% interest compounded daily. At the end of 5.5 do obce years, Jim closes the account. How much interest does he anoda earn? What is the total value of his account when he closes it? bongga ox es 4. If you were Jim, which scenario would you prefer: simple interest, interest compounded yearly, or interest CA compounded daily? Explain your answer choice. Which older 70 scenario would you prefer if you were the banker paying 15 the interest? ning site Tamiya Credit Cards arbo O V50 oy bibrtnom You have a credit card with a current balance of $1500. The OS interest rate is 15.99%. llen Reminders: You will use the Amortization Worksheet Excel Workbook UN 2900 inom to complete this assignment. If your minimum payment is a percent, be sure to change cell C3 to "Percent of Balance If your minimum payment a dollar amount, be sure to change cell C3 to "Dollars" Use Excel to answer the following questions: 5. If your minimum payment is 15% of your new balance, what is the balance of your card month 24? 6. If your minimum payment is $75, what is the balance of your card month 247 7. What do you think is a better idea: Paying a percentage of your monthly balance or paying a fixed amount each month? Why? has sobre Invooooo 2 Mortgages You decide to buy a house! The home is priced at $279,000 and the bank has agreed to finance your home at 5.1% for 30 years. (Note: Excel approximations do not include property taxes or insurance.) Use the Amortization Worksheet and Module 2 Formula Sheet to answer the following questions: 8. What is the monthly payment? 9. How much of the first payment is interest? How much of that first payment actually goes to reducing the principal? 10. At which month did you pay approximately half of the mortgage? Is this halfway through your mortgage? Let's explore making extra payments on your mortgage. Change the payment value in cell B3 to be $100 more than it is now. 11. If you pay just $100 more each month, when will you make your last payment? 12. How much time does that cut off of your mortgage (how many months do you not have to make a mortgage payment)? 13. If you make the payments which are $100 larger, how much do you pay over the life of the loan? 14. If you made the originally payments, without paying an extra $100 per month, how much do you pay over the life of the loan? 15. Therefore, by paying an additional $100 per month, you will save over the life of the mortgage. 2. How much time does that cut off of many months do vou pavmonia helor Neferee 011 Selamat for Star IMMi Lab her Number of powy 00 Tegninger single Type 5130000 Nurofee More Tel. 00.00.00 $0.00 Mer MTORS igale Type RE Number of de More Pay TIDO Start Balce 10000 Ty? See 1.000.00 Toing Balance The two COMPOUND INTEREST ONLY. ANY problemi pleteness is at Wype the rest > 48 00 05 000S 00 OS 0005 00 OS 0005 U 91 0005 $0.00 $0.00 $0.00 50.00 $0.00 $0.00 SO DO $0.00 SSSSSSS mm 50.00 50.00 $0.00 50.00 S000 50.00 $0.00 0005 00 OS 000S 0005 000S 45 44 000S BOOS T. I! DO OS OS 000S $0.00 40 39 05 OS OS OS $0.00 5000 DO 000S 00 OS 000S 000S 00 US 00 OS 000$ 0005 00 US 000S 000S 0005 0005 0005 00 DS 0005 0005 000S 0005 000S 0005 000S 000S OODS S000 50.00 5000 50.00 S000 SE LE 9E SE SOT 000 000S 000S 000S 0005 005 0005 0005 000S 00 OS 00 OS 0005 00 DS 00 OS ODOS 00 OS 0005 0005 0005 000$ OS 005 JOS 05 DDS 00 OS 0005 000S DO DS 000S 00 OS 000S 00 OS 50.00 $0.00 500 90 50.00 10.00 000S 0005 000S 0005 000 000$ OODS 000S 00 OS 00 OS 000S 000S 0005 0005 0005 000S 000S 00 OS 000S 000$ 000S 00 OS 0005 000$ 0005 00 OS $0.00 S000 1000 0.00 $0.00 26 25 24 2005 KOOS 2005 005 000$ 000S 00 OS 0001 000S 0005 000S 00 OS 000S 0005 0005 0005 0005 0005 0005 0005 00 US OBS 000S 00 US 5000 50.00 1000 5000 50.00 0005 0005 0005 0005 000S 00 OS 22 21 20 61 18 17 16 10.00 50.00 50.00 000S 000S 000S BOOS 000$ DOOS 000S OODS 00 OS 0005 0005 0005 00 OS ODS 0005 ILTS CSS OS XS KELIS I TIS 50.00 50.00 5000 0.00 90.00 $0.00 5000 30.00 5000 US 0005 0005 DOS 0005 000S 000S 00 OS 000 ESORIS BIS OS 1615 95 GECES DI TRIS 5000 50.00 SI I E1 0005 0005 0005 S123 24 0005 NCHIS ESSES 12 11 10 $200.00 ODOS 16 HSS 6 & 520000 00 DS ISORIS 16 MLS IF 9955 30 SSLS LAOS I PIIS IS FONTS IETEIS FTS PENIS HE 2 DOS 0005 CSONIS 16 PLIS IP 9955 BOSSLS 160965 IL PIIS PS POLIS ICELIS SPESIS OLIS 5200.00 5766.41 $955 ON 51686 51957 $22 23 $1,6211 S135745 SLOVO Par Eltern USORIES IL TEUS S POSTS 6 5 4 SIB 41 517177 $12514 S17255 ODOS 0000CS DES DO DOCS 00 DOCS 000005 E 98105 SYLTS COOLS 51.65745 $1,810.00 52.000.00 2 Monthly Payment Yearly Rate Beginning balance S100.00 Dollar 18. 52,000.00 1 00 OLIS III ma 48 000S 000S 2 5 5000 90.00 50.00 9000 $0.00 0005 000S 0005 0005 000S DO OS 00 OS 50.00 5000 46 45 44 $0.00 $0.00 SSSSSSS 00 OS 000S O 0005 00 OS 000S 00 OS 000S 00 OS 000$ 0005 00 DS 000S 000S 0005 000S 0005 00 DS 0005 9000 $0.00 90 00 $0.00 0005 000S 000S 00 0005 00 OS 0005 42 41 40 39 38 $0.00 DS DS 05 OS $0.00 $0.00 $0.00 LE 9E SE 10.00 SOT SO 05 0005 0005 0005 00 OS 000S 00 US 000S DOOS 000S 000S 000S 0005 000$ 000$ 0005 000 000S 000S 0005 00 05 0005 000S 000S BOOS 000S 00 OS 000S 0005 0005 00 OS 3000 5000 $0.00 SO DO $0.00 50.00 $0.00 S000 9000 50.00 50.00 50.00 5000 500 sod 500 500 0005 000S 0005 00 DS 0005 00 OS COUS 00 OS 00 OS 0005 00 BS 00 OS 000$ 000S 0005 00 OS 00 OS 000S 0005 0005 0005 000S 000S 0005 000S 000S 000S 000S 000S 000S 000S 000S DOOS 26 25 24 $0.00 5000 50.00 50.00 SO DO 1000 50.00 50.00 50.00 5000 90.00 5000 000S 00 OS 000S 00 DS 000$ 000S 00 DS 0005 0005 000$ 0005 0005 0005 0005 00 OS DOS 000S 0005 0005 000S OS 0005 000 0005 REIS 00 DOCS OO DOCS 00 DOCS 00 DOCS 00 DOS 21 20 19 18 17 16 $0.00 S000 ODOS 000S 000S 0005 00 OS $ 05 005 VOS 2005 SOOS 000$ 000S 000S 000S 000S 0005 DOUS 0905 000S 0005 000S 000S 000S 0005 ECOSIS 16 LES IP 9955 BOSSUS LOONS TE PET IS PS TOETS TERVIS SILVIS OTIS 0005 14 000S 000S 0005 000S 0005 00 OS 00 DS SORIS BCHIS OS 1615 LTNIS GESTIS ET 50.00 50.00 S000 000S 0005 NCHIS ESORES 16 HSS INS 000$ 00 OS ESORIS 16 MLS ILUS 2755 OS XS ELIIS I TIS 98915 556641 5755 OR 3940.99 12 11 10 9 8 7 G 5 4 ME SIR 14 SIRD $1777 $125 14 517255 $170.00 51957 $22 23 $955 ON 51.140.97 51,324.11 $1.50454 $1,6211 S135745 SONO 00 520000 520000 520000 520000 520000 Dube IF PILS PS PORTS ICCEPTS STUS IS 00 OLX'IS 00000 TS ETUS STUS 00 OLS E Z $200.00 Dollar 18.00 Monthly Payment Yearly Rate Beginning Balance Month 0000025 2. How much time does that cut off of many months do vou pavmon.in Newer of Pride H30 Selamat where Narwah Ya Shefur starting IM/Manille how endaa ingle Type $1000000 Mera MTOS Sohre for Englese R Number of pride Mares Payal Starting at 310000 Ty Mala ) tego 10000 Ending den game Type 1000000 Fai Balance The wris for COMPOUND INTEREST ONLY ANY pro pentru cei che wyphe Oranisht 12. How much time does that cut off of your mortgage (how many months do you not have to make a mortgage payment)? 13. If you make the payments which are $100 larger, how much do you pay over the life of the loan? 14. If you made the originally payments, without paying an extra $100 per month, how much do you pay over the life of the loan? 15. Therefore, by paying an additional $100 per month, you will save over the life of the mortgage. 6:51 Done Module 2_3 Formula Sheet 6:50 Done Amortization Worksheet 2 - 1 - HE 2 - FH - --- 6:55 Done M2-3 Finance, Credit Cards, and... WSS Credit Cards You have a credit card with a current balance of $1500. The interest rate is 15.99% Reminders You will use the Amortization Worksheet Excel Workbook to complete this assignment. If your minimum payment is a percent, be sure to change cell 3 to "Percent of Balance if your minimum payment a dollar amount, be sure to change cell C3 to "Dollars Use Excel to answer the following questions 5. If your minimum payment is 15% of your new balance what is the balance of your card month 247 6. If your minimum payment is $75, what is the balance of your card month 247 7. What do you think is a better idea: Paying a percentage of your monthly balance or paying a fixed amount each month? Why? Mortgages You decide to buy a house! The home is priced at $279.000 and the bank has agreed to finance your home at 5.1% for 30 years. (Note: Excel approximations do not include property taxes or insurance) Use the Amortization Worksheet and Module 2 Formula Sheet to answer the following questions 8. What is the monthly payment? 9. How much of the first payment is interest? How much of that first payment actually goes to reducing the principal? 10. At which month did you pay approximately half of the mortgage? Is this halfway through your mortgage? Let's explore making extra payments on your mortgage Change the payment value in cell B3 to be $100 more than it is now 11. If you pay just $100 more each month, when will you make your last payment? 12. How much time does that cut off of your mortgage how many months do you not have to make a mortgage payment)? 13. If you make the payments which are $100 larger how much do you pay over the life of the loan? 14. If you made the originally payments, without paying an extra $100 per month, how much do you pay over the life of the loan? 15. Therefore, by paying an additional $100 per month, you will save over the life of the mortgage Module 2-3 Finance, Credit Cards, and Mortgages Show all work to receive credit. Any written questions should be at least 3 sentences long. Finance 1. Jim opens a savings account with $22,500. His account pays 3.5% simple interest. At the end of 5.5 years, Jim closes the account. How much interest does he earn? What is the total value of his account when he closes it? 2. Jim opens a savings account with $22,500. His account pays 3.5% interest compounded yearly. At the end of 5.5 years, Jim closes the account. How much interest does he earn? What is the total value of his account when he closes it? 3. Jim opens a savings account with $22,500. His account pays 3.5% interest compounded daily. At the end of 5.5 do obce years, Jim closes the account. How much interest does he anoda earn? What is the total value of his account when he closes it? bongga ox es 4. If you were Jim, which scenario would you prefer: simple interest, interest compounded yearly, or interest CA compounded daily? Explain your answer choice. Which older 70 scenario would you prefer if you were the banker paying 15 the interest? ning site Tamiya Credit Cards arbo O V50 oy bibrtnom You have a credit card with a current balance of $1500. The OS interest rate is 15.99%. llen Reminders: You will use the Amortization Worksheet Excel Workbook UN 2900 inom to complete this assignment. If your minimum payment is a percent, be sure to change cell C3 to "Percent of Balance If your minimum payment a dollar amount, be sure to change cell C3 to "Dollars" Use Excel to answer the following questions: 5. If your minimum payment is 15% of your new balance, what is the balance of your card month 24? 6. If your minimum payment is $75, what is the balance of your card month 247 7. What do you think is a better idea: Paying a percentage of your monthly balance or paying a fixed amount each month? Why? has sobre Invooooo 2 Mortgages You decide to buy a house! The home is priced at $279,000 and the bank has agreed to finance your home at 5.1% for 30 years. (Note: Excel approximations do not include property taxes or insurance.) Use the Amortization Worksheet and Module 2 Formula Sheet to answer the following questions: 8. What is the monthly payment? 9. How much of the first payment is interest? How much of that first payment actually goes to reducing the principal? 10. At which month did you pay approximately half of the mortgage? Is this halfway through your mortgage? Let's explore making extra payments on your mortgage. Change the payment value in cell B3 to be $100 more than it is now. 11. If you pay just $100 more each month, when will you make your last payment? 12. How much time does that cut off of your mortgage (how many months do you not have to make a mortgage payment)? 13. If you make the payments which are $100 larger, how much do you pay over the life of the loan? 14. If you made the originally payments, without paying an extra $100 per month, how much do you pay over the life of the loan? 15. Therefore, by paying an additional $100 per month, you will save over the life of the mortgage. 2. How much time does that cut off of many months do vou pavmonia helor Neferee 011 Selamat for Star IMMi Lab her Number of powy 00 Tegninger single Type 5130000 Nurofee More Tel. 00.00.00 $0.00 Mer MTORS igale Type RE Number of de More Pay TIDO Start Balce 10000 Ty? See 1.000.00 Toing Balance The two COMPOUND INTEREST ONLY. ANY problemi pleteness is at Wype the rest > 48 00 05 000S 00 OS 0005 00 OS 0005 U 91 0005 $0.00 $0.00 $0.00 50.00 $0.00 $0.00 SO DO $0.00 SSSSSSS mm 50.00 50.00 $0.00 50.00 S000 50.00 $0.00 0005 00 OS 000S 0005 000S 45 44 000S BOOS T. I! DO OS OS 000S $0.00 40 39 05 OS OS OS $0.00 5000 DO 000S 00 OS 000S 000S 00 US 00 OS 000$ 0005 00 US 000S 000S 0005 0005 0005 00 DS 0005 0005 000S 0005 000S 0005 000S 000S OODS S000 50.00 5000 50.00 S000 SE LE 9E SE SOT 000 000S 000S 000S 0005 005 0005 0005 000S 00 OS 00 OS 0005 00 DS 00 OS ODOS 00 OS 0005 0005 0005 000$ OS 005 JOS 05 DDS 00 OS 0005 000S DO DS 000S 00 OS 000S 00 OS 50.00 $0.00 500 90 50.00 10.00 000S 0005 000S 0005 000 000$ OODS 000S 00 OS 00 OS 000S 000S 0005 0005 0005 000S 000S 00 OS 000S 000$ 000S 00 OS 0005 000$ 0005 00 OS $0.00 S000 1000 0.00 $0.00 26 25 24 2005 KOOS 2005 005 000$ 000S 00 OS 0001 000S 0005 000S 00 OS 000S 0005 0005 0005 0005 0005 0005 0005 00 US OBS 000S 00 US 5000 50.00 1000 5000 50.00 0005 0005 0005 0005 000S 00 OS 22 21 20 61 18 17 16 10.00 50.00 50.00 000S 000S 000S BOOS 000$ DOOS 000S OODS 00 OS 0005 0005 0005 00 OS ODS 0005 ILTS CSS OS XS KELIS I TIS 50.00 50.00 5000 0.00 90.00 $0.00 5000 30.00 5000 US 0005 0005 DOS 0005 000S 000S 00 OS 000 ESORIS BIS OS 1615 95 GECES DI TRIS 5000 50.00 SI I E1 0005 0005 0005 S123 24 0005 NCHIS ESSES 12 11 10 $200.00 ODOS 16 HSS 6 & 520000 00 DS ISORIS 16 MLS IF 9955 30 SSLS LAOS I PIIS IS FONTS IETEIS FTS PENIS HE 2 DOS 0005 CSONIS 16 PLIS IP 9955 BOSSLS 160965 IL PIIS PS POLIS ICELIS SPESIS OLIS 5200.00 5766.41 $955 ON 51686 51957 $22 23 $1,6211 S135745 SLOVO Par Eltern USORIES IL TEUS S POSTS 6 5 4 SIB 41 517177 $12514 S17255 ODOS 0000CS DES DO DOCS 00 DOCS 000005 E 98105 SYLTS COOLS 51.65745 $1,810.00 52.000.00 2 Monthly Payment Yearly Rate Beginning balance S100.00 Dollar 18. 52,000.00 1 00 OLIS III ma 48 000S 000S 2 5 5000 90.00 50.00 9000 $0.00 0005 000S 0005 0005 000S DO OS 00 OS 50.00 5000 46 45 44 $0.00 $0.00 SSSSSSS 00 OS 000S O 0005 00 OS 000S 00 OS 000S 00 OS 000$ 0005 00 DS 000S 000S 0005 000S 0005 00 DS 0005 9000 $0.00 90 00 $0.00 0005 000S 000S 00 0005 00 OS 0005 42 41 40 39 38 $0.00 DS DS 05 OS $0.00 $0.00 $0.00 LE 9E SE 10.00 SOT SO 05 0005 0005 0005 00 OS 000S 00 US 000S DOOS 000S 000S 000S 0005 000$ 000$ 0005 000 000S 000S 0005 00 05 0005 000S 000S BOOS 000S 00 OS 000S 0005 0005 00 OS 3000 5000 $0.00 SO DO $0.00 50.00 $0.00 S000 9000 50.00 50.00 50.00 5000 500 sod 500 500 0005 000S 0005 00 DS 0005 00 OS COUS 00 OS 00 OS 0005 00 BS 00 OS 000$ 000S 0005 00 OS 00 OS 000S 0005 0005 0005 000S 000S 0005 000S 000S 000S 000S 000S 000S 000S 000S DOOS 26 25 24 $0.00 5000 50.00 50.00 SO DO 1000 50.00 50.00 50.00 5000 90.00 5000 000S 00 OS 000S 00 DS 000$ 000S 00 DS 0005 0005 000$ 0005 0005 0005 0005 00 OS DOS 000S 0005 0005 000S OS 0005 000 0005 REIS 00 DOCS OO DOCS 00 DOCS 00 DOCS 00 DOS 21 20 19 18 17 16 $0.00 S000 ODOS 000S 000S 0005 00 OS $ 05 005 VOS 2005 SOOS 000$ 000S 000S 000S 000S 0005 DOUS 0905 000S 0005 000S 000S 000S 0005 ECOSIS 16 LES IP 9955 BOSSUS LOONS TE PET IS PS TOETS TERVIS SILVIS OTIS 0005 14 000S 000S 0005 000S 0005 00 OS 00 DS SORIS BCHIS OS 1615 LTNIS GESTIS ET 50.00 50.00 S000 000S 0005 NCHIS ESORES 16 HSS INS 000$ 00 OS ESORIS 16 MLS ILUS 2755 OS XS ELIIS I TIS 98915 556641 5755 OR 3940.99 12 11 10 9 8 7 G 5 4 ME SIR 14 SIRD $1777 $125 14 517255 $170.00 51957 $22 23 $955 ON 51.140.97 51,324.11 $1.50454 $1,6211 S135745 SONO 00 520000 520000 520000 520000 520000 Dube IF PILS PS PORTS ICCEPTS STUS IS 00 OLX'IS 00000 TS ETUS STUS 00 OLS E Z $200.00 Dollar 18.00 Monthly Payment Yearly Rate Beginning Balance Month 0000025 2. How much time does that cut off of many months do vou pavmon.in Newer of Pride H30 Selamat where Narwah Ya Shefur starting IM/Manille how endaa ingle Type $1000000 Mera MTOS Sohre for Englese R Number of pride Mares Payal Starting at 310000 Ty Mala ) tego 10000 Ending den game Type 1000000 Fai Balance The wris for COMPOUND INTEREST ONLY ANY pro pentru cei che wyphe Oranisht 12. How much time does that cut off of your mortgage (how many months do you not have to make a mortgage payment)? 13. If you make the payments which are $100 larger, how much do you pay over the life of the loan? 14. If you made the originally payments, without paying an extra $100 per month, how much do you pay over the life of the loan? 15. Therefore, by paying an additional $100 per month, you will save over the life of the mortgage