Question: Objective: The assignment will help you to understand how changes in loan terms and payments will affect the total amount you pay. Create an amortization

Objective: The assignment will help you to understand how changes in loan terms and payments will affect the total amount you pay.

  • Create an amortization table in Excel for a new car loan for 30,000 for six years at 5%. Determine the total amount of interest you will pay on this loan.
  • Copy the table from Step 1, make an extra principal payment of $2,000 on the first day of year two. How does this change the total interest you will pay on this loan?
  • Create an amortization table in Excel for a new car loan for 30,000 for three years at 5%. Determine the total amount of interest you will pay on this loan.
  • Copy the table from Step 3, change the interest rate to 2%. How does this change the total interest that you will pay on the loan?
  • What is the total amount you will pay for the car (principal and interest) in each of the steps 1,2,3 and 4.

Assignment requirements:

Any calculations must be turned in via Excel

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!

Q:

Objective: The assignment will help you to understand how changes in loan terms and payments will affect the total amount you pay. Create an amortization table in Excel for a new car loan for 30,000...

Q:

Objective: The assignment will help you to understand how changes in loan terms and payments will affect the total amount you pay. 1. Create an amortization table in Excel for a new car loan for...

Q:

A. You are thinking of purchasing a house that costs $235.000. You have $12.000 in cash that you can use as a down payment, but you need to borrow the rest of the purchase price. Assume there are no...

Q:

Assignmenti1 Loan Amortization A. You are thinking of purchasing a house that costs $235,000. You have $12,000 in cash that you can we as a down payment, but you need to borrow the rest of the...

Q:

uantitative Analysis BA 452 Homework 3 Questions Homework 3 covers the theory and applications in Lessons I-6 and I-7. This document has four parts: Objectives of doing your homework. Assignment of...

Q:

Please fill the blanks for the table below, this is a home financing project assignment. and the steps are bellow how to do it. * If you are unable to find a mortgage option with the exact designated...

Q:

Hi Sirs, I need your help. This assignment due date is next week thursday (30/03/2017). The instructions are as in the attached doc. and also the Companies which will be used for it are attached...

Q:

I am confusing filling out the 6 tables! please help me to fill them out and also the excel calculation process! ACCY 303 Group Project: Constructive Capitalization of Operating Leases The purpose of...

Q:

I am confusing filling out the 6 tables! please help me to fill them out and also the excel calculation process! ACCY 303 Group Project: Constructive Capitalization of Operating Leases The purpose of...

Q:

I am confusing filling out the 6 tables! please help me to fill them out and also the excel calculation process! ACCY 303 Group Project: Constructive Capitalization of Operating Leases The purpose of...

Q:

In a large city, 88% of the cases of car burglar alarms that go off are false. Let p be the proportion of false alarms in a random sample of 80 cases of car burglar alarms that go off in this city....

Q:

Two intersecting planes in 3-space determine two angles of intersection: an acute angle (0 x = 0 and 2x - y + z - 4 = 0 Plane I 180e - Plane 2

Q:

Work with a partner or in a small group to discuss this question. Jan works out that 42 87 = 3654 a Use this information to write the answers to these multiplications. i 42 8.7 ii 42 0.87 iii 4.2 ...

Q:

Question 10 (1 point) Universal ethical principles orientation is situated in the post-conventional level of Kohlberg's stages of moral development. True False Question 11 (1 point) Management style...

Q:

1. To provide knowledge about various influencing techniques in communication situations.

Q:

1. Information that is currently accessible (recognition).

Q:

8. Based on the model in Fig. 10.2 in this chapter, analyse yourself and find out which cell you would place yourself in. Let another person in the group analyse you. Did he/she choose the same cell...