You receive a loan for $402,265 from a bank at 8% interest rate. You require to...

 

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You receive a loan for $402,265 from a bank at 8% interest rate. You require to pay $70,000 at the end of each of the next eight years. Set up a spreadsheet in Excel with the following columns: Beg Balance, Payment, Interest, Loan Reduced (principle paid), Ending Balance • Compute or enter the following values for the first and second year. • Enter your values to the nearest dollar value. • Enter the Beginning and Ending Balances as positive values and the rest as NEGATIVE. Year 1: Beg Bal. $ ; Payment $ ; Interest $ Year 2: Beg Bal. $ Loan Red $ Loan Red $ Payment $ ; End Bal. $ : End Bal. $ Interest $ You receive a loan for $402,265 from a bank at 8% interest rate. You require to pay $70,000 at the end of each of the next eight years. Set up a spreadsheet in Excel with the following columns: Beg Balance, Payment, Interest, Loan Reduced (principle paid), Ending Balance • Compute or enter the following values for the first and second year. • Enter your values to the nearest dollar value. • Enter the Beginning and Ending Balances as positive values and the rest as NEGATIVE. Year 1: Beg Bal. $ ; Payment $ ; Interest $ Year 2: Beg Bal. $ Loan Red $ Loan Red $ Payment $ ; End Bal. $ : End Bal. $ Interest $

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Year 1 Beg Bal 402265 Payment 70000 Interest 32182 8 of Beg Bal ... View the full answer