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Homework 4 Excel Supplement 2

# Homework 4 Excel Supplement 2 - 76.7 \$802.46 \$8,401.72 3...

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Q. 11 Interest 10% month begining balanmonthly payment interest principle ending balance 1 10,000 \$879.16  83.33 \$795.83  \$9,204.17  2 \$9,204.17  \$879.16  76.7 \$802.46  \$8,401.72  3 \$8,401.72  \$879.16  70.01 \$809.14  \$7,592.57  4 \$7,592.57  \$879.16  63.27 \$815.89  \$6,776.69  5 \$6,776.69  \$879.16  56.47 \$822.69  \$5,954.00  6 \$5,954.00  \$879.16  49.62 \$829.54  \$5,124.46  7 \$5,124.46  \$879.16  42.7 \$836.46  \$4,288.00  8 \$4,288.00  \$879.16  35.73 \$843.43  \$3,444.58  9 \$3,444.58  \$879.16  28.7 \$850.45  \$2,594.12  10 \$2,594.12  \$879.16  21.62 \$857.54  \$1,736.58  11 \$1,736.58  \$879.16  14.47 \$864.69  \$871.89  12 \$871.89  \$879.16  7.27 \$871.89  (\$0.00) Total \$10,549.91  \$549.91  \$10,000.00  Interest 10% month beg. balance monthly payment interest principle ending balance 1 10,000 \$879.16  83.33 \$795.83  \$9,204.17  2 \$9,204.17  \$879.16

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Unformatted text preview: 76.7 \$802.46 \$8,401.72 3 \$8,401.72 \$879.16 70.01 \$809.14 \$7,592.57 4 \$7,592.57 \$879.16 63.27 \$815.89 \$6,776.69 5 \$6,776.69 \$879.16 56.47 \$822.69 \$5,954.00 6 \$5,954.00 \$879.16 49.62 \$829.54 \$5,124.46 Balloon payment \$5,124.46 \$5,124.46 Total \$10,399.41 \$399.41 \$10,000.00 Interest saved \$150.50 No rebate Rebate Loan balalance \$24,000 \$24,000 Interest rate 2% 9% Savings rate 3% 3% Months 36 36 Monthly Payment \$687.42 \$763.19 Total payments \$24,747.19 \$27,474.97 Rebate \$0 \$2,000 interest on rebate \$0 \$188.10 Cost after rebate \$24,747.19 \$25,286.87 The loan without the rebate is cheaper by \$539.68...
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Homework 4 Excel Supplement 2 - 76.7 \$802.46 \$8,401.72 3...

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