PMT = (PV)i 1 ? (1 + i)?n .A loan of $250,000 is amortized over 30 years with payments...

80.2K

Verified Solution

Question

Finance

PMT =
(PV)i
1 ? (1 +i)^?n
.A loan of $250,000 is amortized over 30 years with payments atthe end of each month and an interest rate of 6.3%, compoundedmonthly.

Use Excel to create an amortization table showing, for each of the360 payments, the beginning balance, the interest owed, theprincipal, the payment amount, and the ending balance.

a) Find the amount of each payment. $
b) Find the total amount of interest paid during the first 15payments. $

Suppose that payment number 7 is skipped and the interest owed formonth 7 is added to the balance. Payments then resume as usual forthe remainder of the 30 years.
c) Find the balance owing at the end of month 7. $
d) Find the balance remaining after the 360th payment. $

Answer & Explanation Solved by verified expert

4.4 Ratings (728 Votes)

Payment Amount is 154753 each period Ans a given schedule Ans b 19555 Remaining questions belongs to another set of questions so i would request to repost it again with remaining questions Interest Principal EndingBalance 1313 235 249765 1311 236 249529 1310 237 249291 1309 239 249053 1308 240 248813 1306 241 248572 1305 242 248329 1304 244 248086 1302 245 247841 1301 246 247594 1300 248 247347 1299 249 247098 1297 250 246848 1296 251 246596 1295 253 246344 1293 254 246089 1292 255 245834 1291 257 245577 1289 258 245319 1288 260 245059 1287 261 244799 1285 262 244536 1284 264 244273 1282 265 244008 1281 266 243741 1280 268 243474 1278 269 243204 1277 271 242934 1275 272 242662 1274 273 242388 1273 275 242113 1271 276 241837 1270 278 241559 1268 279 241280 1267 281 240999 1265 282 240717 1264 284 240433 1262 285 240148 1261 287 239862 1259 288 239573 1258 290 239284 1256 291 238993 1255 293 238700 1253 294 238406 1252 296 238110 1250 297 237812 1249 299 237514 1247 300 237213 1245 302 236911 1244 304 236607 1242 305 236302 1241 307 235995 1239 308 235687 1237 310 235377 1236 312 235065 1234 313 234752 1232 315 234437 1231 317 234120 See Answer

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