Question: Need Help. Am I using the right formulas? Are my numbers correct for payment numbers 1 and 2? Ending balance: =-PV(5.3%/12,(10-B13)*12, $C$9) Toward Principal =
Need Help. Am I using the right formulas? Are my numbers correct for payment numbers 1 and 2?
Ending balance: =-PV(5.3%/12,(10-B13)*12, $C$9)
Toward Principal = D13-E13
Toward Interest = =(C9*12)-G13
\begin{tabular}{|c|} \hline 3 \\ \hline 4 \\ 5 \\ 6 \\ 7 \\ 8 \\ 9 \\ 10 \\ 11 \\ 12 \\ 12 \\ 13 \\ 14 \\ 15 \\ 16 \\ 17 \\ 18 \\ 19 \\ 20 \end{tabular} A B C D F G H I K Instruction: Develop and amortization table for the payment of a loan on a house. Payments are monthly for 10 years. Loan on the house is $179,000. Interest is 5.3% annual. PMT formula Payment: $1,924.93 \begin{tabular}{|c|r|r|r|r|r|l|} \hline Payment Number & Payment Month & Beginning Balance & Ending Balance & \multicolumn{1}{|l|}{ Payment Amount } & \multicolumn{1}{|l|}{ Award Principal } & Toward Interest \\ \hline 1 & Apr-02 & 179,000.00 & 165,052.27 & 1,924.93 & 13,947.73 & 9,151.42 \\ \hline 2 & May-02 & 165,052.27 & 150,347.09 & 1,924.93 & & \\ \hline 3 & Jun-02 & & & 1,924.93 & & \\ \hline 4 & Jul-02 & & & 1,924.93 & & \\ \hline 5 & Aug-02 & & & 1,924.93 & & \\ \hline 6 & Sep-02 & & & 1,924.93 & & \\ \hline 7 & Oct-02 & & & 1,924.93 & & \\ \hline 8 & Nov-02 & & & 1,924.93 & & \\ \hline \end{tabular}
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