Question: Use the model in Spreadsheet C04 to solve this problem. (see included file) and answer the following questions. Upload your answers in canvas. Set up

Use the model in Spreadsheet C04 to solve this problem. (see included file) and answer the following questions. Upload your answers in canvas.

  1. Set up an amortization schedule for a $30,000 loan to be repaid in equal installments at the end of each of the next 20 years at an interest rate of 10 percent. What is the annual payment? How much is owed on the loan after 15 years of payments have been made?
  2. Set up an amortization schedule for a $60,000 loan to be repaid in 20 equal annual installments at an interest rate of 10 percent. What is the annual payment? How much is owed on the loan after 10 years of payments have been made?
  3. Set up an amortization schedule for a $60,000 loan to be repaid in 20 equal annual installments at an interest rate of 20 percent. What is the annual payment?

How much is owed on the loan after eight years of payments have been made?

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