Question: Create a amortization table spreadsheet for a loan with initial balance of $50,000 at 6.43% with a monthly payment of $1200. Give answer based on

Create a amortization table spreadsheet for a loan with initial balance of $50,000 at 6.43% with a monthly payment of $1200. Give answer based on that spreadsheet.

What will the loan balance be after the first payment is made? After which monthly payment does the loan become fully paid off? Using the $1200 regular monthly payment in that last month will overpay the loan. how much should that last monthly payment be reduced to,so that the final loan balance is exactly $0.00.

What is the total amount of interest that will be paid on this loan?

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To create an amortization table spreadsheet for this loan we can use the following formula Monthly payment P r 1 rn 1 rn 1 where P is the principal ba... View full answer

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