Question: Build a amortization table for the loan below add extra payment to pay off early by no more the 6 months (the loan payment must

Build a amortization table for the loan below add extra payment to pay off early by no more the 6 months (the loan payment must last 4.5 years even with early payoff) . Show the money saved.

$35,000 loan, 5 years, 5.9% interest, monthly payments with no balloon.

Create an annuity solution to find the payment in Excel (that's the N I/Y PV PMT FV) and then do the amortization table for it.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!