Chapter 11 - Exercise 04
A. You financed a 4-year loan for $20,000 and were charged 9% interest with a 20% down payment. Calculate the amount financed, the finance charge, and the monthly payment.
Loan Amount	$20,000.00
Interest Rate	9%
Down Payment Percent	20%
Years for Loan	4
Amount Financed
Finance Charge
Monthly Payment
Directions:
a. Enter a formula in Cell B8 to calculate the Amount Financed.
b. Enter a formula in Cell B9 to calculate the Finance Charge.
c. Enter a formula in Cell B10 to calculate the Monthly Payment.
d. Format dollar amounts for Currency, 2 decimal places, and $.
B. You have decided to pay off the loan after 30 months. You want to know the amount of finance charge refund. Calculate the finance charge refund, the balance remaining, and the loan payoff.
Number of Payments	48
Payments Remaining	18
Sum of Digits Payments Remaining
Sum of Digits Total Payments
Finance Charge Refund
Balance Remaining
Loan Payoff
Directions:
a. Enter a formula in Cell B22 to calculate the Sum of Digits Payments Remaining.
b. Enter a formula in Cell B23 to calculate the Sum of Digits Total Payments.
c. Enter a formula in Cell B24 to calculate the Finance Charge Refund.
d. Enter a formula in Cell B25 to compute the Balance Remaining.
e. Enter a formula in Cell B26 to find the Loan Payoff.
f. Format dollar amounts for Currency, 2 Decimal places, and $.
g. Save the file as ch11ex04a.xlsx.