Question: Use the amortization schedule shown below for a 3 year loan to calculate the total interest paid over the life of the loan. Do not

Use the amortization schedule shown below for a 3 year loan to calculate the total interest paid over the life of the loan. Do not include a dollar sign in your answer. Month 0 1 2 3 4 5 6 Principal Paid $0.00 $198.85 $200.09 $201.34 $202.60 $203.87 $205.14 $206.42 $207.71 $209.01 $210.32 Interest Paid $0.00 $50.00 $48.76 $47.51 $46.25 $44.98 $43.71 $42.43 $41.14 $39.84 $38.53 Loan Balance $8,000.00 $7,801.15 $7,601.06 $7,399.71 $7,197.11 $6,993.25 $6,788.10 $6,581.68 $6,373.96 $6,164.95 $5,954.63 8 9 10

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!

Bud Bunyan opened Bunyan's Supply five years ago. Over the years he has been pleased with its performance, as sales and profits have steadily increased. Recently, however, Bud bas been having...

Use the amortization schedule shown below for a 3 year loan to calculate the total interest paid over the life of the loan Correct Answers 387039 with margin: 0.01) 0 / 1 pts Question 4 Use the...

Use the amortization schedule shown below for a 5 year loan to calculate the total interest paid over the life of the loan. Do not include a dollar sign in your answer. Month 0 1 2 3 4 5 6 7 8 9 10...

please answer the question below Assignment#1 Loan Amortization You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the...

You are thinking of purchasing a house that costs $185,000. You have $9,000 in cash that you can use as a down payment, but you need to borrow the rest of the purchase price. The bank is offering a...

question & answer is provided. please show this answer/calculations in excel. thank you! You are thinking of purchasing a house that costs $175,000. You have $12,000 in cash that you can use as a...

PLEASE SHOW ALL YOUR WORK -DATES ARE NOT INCLUSIVE Loans Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2.75%. Her current balance owing on November 1 is $13,250.00...

Please Answer on Excel Assignment#1 Loan Amortization You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but...

Assignment#1 Loan Amortization You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow rest...

Please help Asap - thank you in advance, please make sure all is correct before uploading answer - thanks again!! Assignment#1 Loan Amortization You are thinking of purchasing a house. The house...

The length of the life of a certain type of refrigerator is approximately normally distributed with a mean of 4.8 years and a standard deviation of 1.3 years. a. If this machine is guaranteed for 2...

A condenser of shell and tube type with a vertical in. (19-mm) BWG 16 copper tubes, consisting of chlorobenzene condensing at atmospheric pressure in the shell. The latent heat of condensation of...

A standby commitment may be required by: Multiple choice question. the lender providing permanent financing the developer the ADL lender tenants preleasing space before construction begins

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".