Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. amount financed = 240,000 - 91,088 = $148,912. thi

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper = 15 years*12 =...

Free

60.1K

Verified Solution

Question

Finance

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper= 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month =PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table isshown below: Payment no. Loan balance at the start of the monthAmount of payment Interest Principal paid Loan balance at the endof the month find from payment # 50-100.

47$119,814.49$1,139.17$449.30$689.86$119,124.63
48$119,124.63$1,139.17$446.72$692.45$118,432.18
49$118,432.18$1,139.17$444.12$695.05$117,737.13
50$117,737.13$1,139.17$441.51$697.65$117,039.48

Answer & Explanation Solved by verified expert
4.3 Ratings (730 Votes)

Payment No. Loan balance at the start of the month Amount of payment Interest (0.375% per month) Principal Paid Loan balance at the end of the month
A B C D=B x 0.375% E=C-D F=B-E
50 $117,737.13 $1,139.17 $441.51 $697.66 $117,039.47
51 $117,039.47 $1,139.17 $438.90 $700.27 $116,339.20
52 $116,339.20 $1,139.17 $436.27 $702.90 $115,636.30
53 $115,636.30 $1,139.17 $433.64 $705.53 $114,930.77
54 $114,930.77 $1,139.17 $430.99 $708.18 $114,222.59
55 $114,222.59 $1,139.17 $428.33 $710.84 $113,511.76
56 $113,511.76 $1,139.17 $425.67 $713.50 $112,798.25
57 $112,798.25 $1,139.17 $422.99 $716.18 $112,082.08
58 $112,082.08 $1,139.17 $420.31 $718.86 $111,363.22
59 $111,363.22 $1,139.17 $417.61 $721.56 $110,641.66
60 $110,641.66 $1,139.17 $414.91 $724.26 $109,917.39
61 $109,917.39 $1,139.17 $412.19 $726.98 $109,190.41
62 $109,190.41 $1,139.17 $409.46 $729.71 $108,460.71
63 $108,460.71 $1,139.17 $406.73 $732.44 $107,728.27
64 $107,728.27 $1,139.17 $403.98 $735.19 $106,993.08
65 $106,993.08 $1,139.17 $401.22 $737.95 $106,255.13
66 $106,255.13 $1,139.17 $398.46 $740.71 $105,514.42
67 $105,514.42 $1,139.17 $395.68 $743.49 $104,770.93
68 $104,770.93 $1,139.17 $392.89 $746.28 $104,024.65
69 $104,024.65 $1,139.17 $390.09 $749.08 $103,275.57
70 $103,275.57 $1,139.17 $387.28 $751.89 $102,523.68
71 $102,523.68 $1,139.17 $384.46 $754.71 $101,768.98
72 $101,768.98 $1,139.17 $381.63 $757.54 $101,011.44
73 $101,011.44 $1,139.17 $378.79 $760.38 $100,251.06
74 $100,251.06 $1,139.17 $375.94 $763.23 $99,487.84
75 $99,487.84 $1,139.17 $373.08 $766.09 $98,721.74
76 $98,721.74 $1,139.17 $370.21 $768.96 $97,952.78
77 $97,952.78 $1,139.17 $367.32 $771.85 $97,180.93
78 $97,180.93 $1,139.17 $364.43 $774.74 $96,406.19
79 $96,406.19 $1,139.17 $361.52 $777.65 $95,628.55
80 $95,628.55 $1,139.17 $358.61 $780.56 $94,847.98
81 $94,847.98 $1,139.17 $355.68 $783.49 $94,064.49
82 $94,064.49 $1,139.17 $352.74 $786.43 $93,278.06
83 $93,278.06 $1,139.17 $349.79 $789.38 $92,488.69
84 $92,488.69 $1,139.17 $346.83 $792.34 $91,696.35
85 $91,696.35 $1,139.17 $343.86 $795.31 $90,901.04
86 $90,901.04 $1,139.17 $340.88 $798.29 $90,102.75
87 $90,102.75 $1,139.17 $337.89 $801.28 $89,301.47
88 $89,301.47 $1,139.17 $334.88 $804.29 $88,497.18
89 $88,497.18 $1,139.17 $331.86 $807.31 $87,689.87
90 $87,689.87 $1,139.17 $328.84 $810.33 $86,879.54
91 $86,879.54 $1,139.17 $325.80 $813.37 $86,066.17
92 $86,066.17 $1,139.17 $322.75 $816.42 $85,249.74
93 $85,249.74 $1,139.17 $319.69 $819.48 $84,430.26
94 $84,430.26 $1,139.17 $316.61 $822.56 $83,607.70
95 $83,607.70 $1,139.17 $313.53 $825.64 $82,782.06
96 $82,782.06 $1,139.17 $310.43 $828.74 $81,953.33
97 $81,953.33 $1,139.17 $307.32 $831.85 $81,121.48
98 $81,121.48 $1,139.17 $304.21 $834.96 $80,286.52
99 $80,286.52 $1,139.17 $301.07 $838.10 $79,448.42
100 $79,448.42 $1,139.17 $297.93 $841.24 $78,607.18

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper= 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month =PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table isshown below: Payment no. Loan balance at the start of the monthAmount of payment Interest Principal paid Loan balance at the endof the month find from payment # 50-100.47$119,814.49$1,139.17$449.30$689.86$119,124.6348$119,124.63$1,139.17$446.72$692.45$118,432.1849$118,432.18$1,139.17$444.12$695.05$117,737.1350$117,737.13$1,139.17$441.51$697.65$117,039.48

Other questions asked by students

Accounting
1.2K views

Partial information from the comparative balance sheet ofJackson Company as of December 31, 2020...

Medical Sciences
1.2K views

Although innate immune cells are unable to detect specific antigens, the adaptive immune system is able...

General Management
1.2K views

What is supply chain management? Describe the breadth and depth of the field? What are the...

Biology
1.2K views

7 Explain the conventional role myths of the State held by the public and the...

Physics
1.2K views

g is uniform rod of length 200 cm and mass balanced on a wedge placed...

Geometry
1.2K views

What is the inverse of the following conditional statement If a number is divisible by...

Geometry
1.2K views

18 Solve the following inequality for y y 6x 3 Identify the statements which represent...

Basic Math
1.2K views

the target with the bullet holes Does this show lack of precision or bias b...

Basic Math
1.2K views

6 13 points Ben walks at a rate of 3 miles per hour He runs...

Calculus
1.2K views

Sketch the region enclosed by the given curves y 14 x y x 4 6...

Accounting
1.2K views

1. A 250 room hotel has an annual revenue $8,500,000. Its fixed costs are $3,500,000...

Finance
1.2K views

Suppose the quoted call price is $8.5, risk-free continuously compounded interest rate is 3.3 percent...