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This exercise is designed to be solved using technology such as calculators or computer spreadsheets. You borrow...

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Basic Math

This exercise is designed to be solved using technology such ascalculators or computer spreadsheets.

You borrow $18,000 with a term of four years at an APR of 8%. Makean amortization table. How much equity have you built up halfwaythrough the term? (Round your answer to two decimal places.)

Answer & Explanation Solved by verified expert
4.2 Ratings (818 Votes)
The following table captures the entire cash flow during the 48 months Month Payment Interest Paid Principal Paid Balance Original Principal 18000 0 18000 Loan term Yrs 4 1 4394326021 12000 31943 1768057 APR 8 2 4394326021 11787 32156 1735901 Payments per Yr 12 3 4394326021 11573 32371 1703530 4 4394326021 11357 32586 1670944 Instalment 43943 5 4394326021 11140 32804 1638140 6 4394326021 10921 33022 1605118 7 4394326021 10701 33242 1571875 8    See Answer
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