Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on...

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Finance

Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.
30-year car loan for $235,000 at 3.21%; remaining balance after20 years.

Answer & Explanation Solved by verified expert

3.8 Ratings (333 Votes)

MONTHLY PAYMENTS = 1017.58

		P =	Regular Payments
		PV =	Loan Amount
		r =	rate of interest
		n =	no of periods

		P =	r (PV)
			1 - (1 + r )^-n

		P =	(3.21%/12)*235000
			1 - (1 / (1 + 3.21%/12)^360))

		P =	628.625
			0.617762937

		P =	1017.58


		BALANCE AFTER 20 YEARS (240 EMI) =	$104,332.03

	Beginning Balance	Interest	Principal	Ending Balance
1	$235,000.00	$628.63	$388.96	$234,611.04
2	$234,611.04	$627.58	$390.00	$234,221.04
3	$234,221.04	$626.54	$391.04	$233,830.00
4	$233,830.00	$625.50	$392.09	$233,437.91
5	$233,437.91	$624.45	$393.14	$233,044.78
6	$233,044.78	$623.39	$394.19	$232,650.59
7	$232,650.59	$622.34	$395.24	$232,255.35
8	$232,255.35	$621.28	$396.30	$231,859.05
9	$231,859.05	$620.22	$397.36	$231,461.69
10	$231,461.69	$619.16	$398.42	$231,063.26
11	$231,063.26	$618.09	$399.49	$230,663.78
12	$230,663.78	$617.03	$400.56	$230,263.22
Year #1 End
13	$230,263.22	$615.95	$401.63	$229,861.59
14	$229,861.59	$614.88	$402.70	$229,458.89
15	$229,458.89	$613.80	$403.78	$229,055.11
16	$229,055.11	$612.72	$404.86	$228,650.25
17	$228,650.25	$611.64	$405.94	$228,244.30
18	$228,244.30	$610.55	$407.03	$227,837.27
19	$227,837.27	$609.46	$408.12	$227,429.15
20	$227,429.15	$608.37	$409.21	$227,019.94
21	$227,019.94	$607.28	$410.30	$226,609.64
22	$226,609.64	$606.18	$411.40	$226,198.24
23	$226,198.24	$605.08	$412.50	$225,785.74
24	$225,785.74	$603.98	$413.61	$225,372.13
Year #2 End
25	$225,372.13	$602.87	$414.71	$224,957.42
26	$224,957.42	$601.76	$415.82	$224,541.60
27	$224,541.60	$600.65	$416.93	$224,124.66
28	$224,124.66	$599.53	$418.05	$223,706.61
29	$223,706.61	$598.42	$419.17	$223,287.44
30	$223,287.44	$597.29	$420.29	$222,867.16
31	$222,867.16	$596.17	$421.41	$222,445.74
32	$222,445.74	$595.04	$422.54	$222,023.20
33	$222,023.20	$593.91	$423.67	$221,599.53
34	$221,599.53	$592.78	$424.80	$221,174.73
35	$221,174.73	$591.64	$425.94	$220,748.79
36	$220,748.79	$590.50	$427.08	$220,321.71
Year #3 End
37	$220,321.71	$589.36	$428.22	$219,893.48
38	$219,893.48	$588.22	$429.37	$219,464.12
39	$219,464.12	$587.07	$430.52	$219,033.60
40	$219,033.60	$585.91	$431.67	$218,601.93
41	$218,601.93	$584.76	$432.82	$218,169.11
42	$218,169.11	$583.60	$433.98	$217,735.13
43	$217,735.13	$582.44	$435.14	$217,299.99
44	$217,299.99	$581.28	$436.31	$216,863.68
45	$216,863.68	$580.11	$437.47	$216,426.21
46	$216,426.21	$578.94	$438.64	$215,987.57
47	$215,987.57	$577.77	$439.82	$215,547.75
48	$215,547.75	$576.59	$440.99	$215,106.76
217	$121,476.75	$324.95	$692.63	$120,784.12
218	$120,784.12	$323.10	$694.49	$120,089.64
219	$120,089.64	$321.24	$696.34	$119,393.29
220	$119,393.29	$319.38	$698.21	$118,695.09
221	$118,695.09	$317.51	$700.07	$117,995.01
222	$117,995.01	$315.64	$701.95	$117,293.07
223	$117,293.07	$313.76	$703.82	$116,589.24
224	$116,589.24	$311.88	$705.71	$115,883.54
225	$115,883.54	$309.99	$707.59	$115,175.94
226	$115,175.94	$308.10	$709.49	$114,466.45
227	$114,466.45	$306.20	$711.39	$113,755.07
228	$113,755.07	$304.29	$713.29	$113,041.78
Year #19 End
229	$113,041.78	$302.39	$715.20	$112,326.59
230	$112,326.59	$300.47	$717.11	$111,609.48
231	$111,609.48	$298.56	$719.03	$110,890.45
232	$110,890.45	$296.63	$720.95	$110,169.50
233	$110,169.50	$294.70	$722.88	$109,446.62
234	$109,446.62	$292.77	$724.81	$108,721.80
235	$108,721.80	$290.83	$726.75	$107,995.05
236	$107,995.05	$288.89	$728.70	$107,266.36
237	$107,266.36	$286.94	$730.65	$106,535.71
238	$106,535.71	$284.98	$732.60	$105,803.11
239	$105,803.11	$283.02	$734.56	$105,068.55
240	$105,068.55	$281.06	$736.52	$104,332.03

Year #20 End

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Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on...

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90.2K

Verified Solution

Question

Finance

Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.
30-year car loan for $235,000 at 3.21%; remaining balance after20 years.

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Find the monthly payment and estimate the remaining balance(to the nearest dollar). Assume interest is on...

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Finance

Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.30-year car loan for $235,000 at 3.21%; remaining balance after20 years.

Answer & Explanation Solved by verified expert

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Find the monthly payment and estimate the remainingbalance(to the nearest dollar). Assume interest is on the unpaidbalance.
30-year car loan for $235,000 at 3.21%; remaining balance after20 years.