For each of the situations below, what is the total cost of loan and the...

50.1K

Verified Solution

Question

Accounting

For each of the situations below, what is the total cost of loan and the amount of interest paid on each loan. (10 marks)
a. $4500 loan for 3 year with monthly payments of $137.92
b. $9000 loan for 2 year with monthly payments of $400.92
c. $6500 loan for 2 year with monthly payments of $293.98
d. $22000 loan for 4 year with monthly payments of $573.96
e. $15000 loan for 5 year with monthly payments of $270.87
Refer to the amortization table given below. (12 mark)
\table[[\table[[Pmt],[No.]],\table[[Payment],[Date]],,\table[[Beginning],[Balance]],,\table[[Scheduled],[Payment]],\table[[Total],[Payment]],,Principal,,Interest,,\table[[Ending],[Balance]]],[1,101?2005,$,1,750.00,$,155.90$,155.90,$,137.67,$,18.23,$,1,612.33
image

Answer & Explanation Solved by verified expert
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

Other questions asked by students