Prepare an amortization table for the following car loan: Amount Financed: $10,000 Time period: Interest rate:...

 

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Prepare an amortization table for the following car loan: Amount Financed: $10,000 Time period: Interest rate: 3.5 years 4.0% 1-Determine the monthly payment using the "pmt" function on Excel. 2 - Prepare a monthly amortization table for the payoff of the loan. (Round to cents.) Answer the following questions: a) How much interest expense will they incur in month 12? b) What is the principal balance in month 15? c) What is the principal balance in month 24? 3- Prepare a second amortization table assuming that you round up the payment to the nearest $100. (Example: payment is $283.19, Roundup would be $300.00.) Answer the following questions: a) How much interest expense will they incur in month 12? b) What is the principal balance in month 15? c) What is the principal balance in month 24? 4- In what month would you pay off the loan if they round up the payment to the nearest $100? Prepare an amortization table for the following car loan: Amount Financed: $10,000 Time period: Interest rate: 3.5 years 4.0% 1-Determine the monthly payment using the "pmt" function on Excel. 2 - Prepare a monthly amortization table for the payoff of the loan. (Round to cents.) Answer the following questions: a) How much interest expense will they incur in month 12? b) What is the principal balance in month 15? c) What is the principal balance in month 24? 3- Prepare a second amortization table assuming that you round up the payment to the nearest $100. (Example: payment is $283.19, Roundup would be $300.00.) Answer the following questions: a) How much interest expense will they incur in month 12? b) What is the principal balance in month 15? c) What is the principal balance in month 24? 4- In what month would you pay off the loan if they round up the payment to the nearest $100?

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Due to character limit I am attaching the image for solution 3 and 4 Amortization Schedule A B CA412 DBC EAD PMT PVi Monthly Payments Beginning Amount Paid Interest Owed Principal paid Ending 11in 1 1... View the full answer