95 96 Problem: 97 You are planning to purchase a car for $20,000. You decide to get the loan from the credit union. It is for 6% annually but you decide to pay it off in 3 years. You want to see the loan amortization table for your loan to see how the interest and 98 principal are being paid off. Fill in the inputs and the table will automatically calculate for you. 99 100 Loan Enter the loan as-20000 101 Monthly PMT You must calculate PMT=(rate/12, term 12. principal) 102 Rate annual ratc (0.06) 103 Term years of loan (3) 105 106 Loan Amortization Table Constant PMT: $0.00 Principal: 107 Total Monthly PMT Beg Principal Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D 0 0 Principal Reduction 0 0 0 0 0 D 0 0 0 0 0 0 Ending Principal Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 108 Month 109 1 110 2 111 3 112 4 113 5 114 6 115 7 116 8 117 9 118 10 119 11 120 12 121 13 122 14 123 15 124 16 125 17 126 18 127 19 128 20 129 21 130 22 131 132 24 133 25 134 26 135 27 136 28 137 29 138 30 139 31 140 32 141 33 142 34 143 35 144 36 145 146 Test your skills 147 0 0 0 0 O 0 0 0 Monthly Loan Interest 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1. The Loan amortization table contains formulas in their respective cells. Keeping the term (years) constant, what is the payment for a $30,000 car at 5% interest? 1. The Loan amortization table contains formulas in their respective cells. Keeping the term (years) constant, what is the payment for a $30,000 car at 5% interest? Copy your answer to cell F148 2. Using the table again, what is the exact amount of your last payment if you reduce the years to two? Inputs: loan principal --30000, rate - 5%, years = 2. 3. After copying your answers to questions 1 and 2, reset the inputs in cells D100-D103. The problem states the inputs