Question: Problem solved on excel only! Rating will be given. Q: Chapter 4 Exercise 7 Part a. Loan principal Term (years) Term (months) Annual interest Monthly

Problem solved on excel only! Rating will be given.

Q: Chapter 4 Exercise 7 Part a. Loan principal Term (years) Term (months) Annual interest Monthly interest Monthly payment 150.000 10 120 6% 0.50% Use PMT function O 7. (An equal term loan, amortization table) Ruth and Moab have just purchased their dream apartment. They have financed the purchase with a term loan of $150,000 (mortgage). The loan term is for 10 years, with 6% stated annual interest (0.5% monthly interest payment). a. Show an amortization table for the loan. Break down the 10th payment to the principal and interest portion. c. Four years after taking the loan, Ruth and Moab want to repay the loan. What is the outstanding balance of the loan? b. Payment Loan beginning balance Loan Interest Principal ending Payment payment payment balance Part b: Breakdown of 10th payment Interest Principal Part c: After 4 years Balance (Refer to the amortization table) Payment 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

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