Jasmine was looking for an apartment for a long time. Finally, she found a brand-newbuilding with a

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Question:

Jasmine was looking for an apartment for a long time. Finally, she found a brand-newbuilding with a one-bedroom apartment for $450,000. She was approved for the mortgage of $450,000 by the bank. The interest rate for the mortgage is 3% annually, for 15 years. She is going to pay monthly.

a)Construct full and partial amortization schedules both manually and with spread sheets.

b)Calculate the interest portion, principal portion, and principal balance after any payment.

Use spreadsheet.

c)Calculate the final payment of a mortgage and the interest and principal paid:

Question 2.

Megan decided to buy a car. She got a loan for $20,000, with the annual interest rate of 4% for 5 years. She is going to pay monthly.

a)Calculate monthly payment

b)Calculate the interest portion

c)Calculate the principal portion

Calculate the principal balance after any payment. Use the spreadsheet to calculate this part.

Question 3.

Olga wanted to buy a washing machine. She got loan for $3,000 with an interest rate of 10% annually. She is going to pay off the loan in 2 years. Calculate the total amount paid, total
interest paid.