Homework 4 Excel Supplement 2.xlsm

Homework 4 Excel Supplement 2.xlsm - 76.7 $802.46 $8,401.72...

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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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This note was uploaded on 08/26/2009 for the course ACE 240 taught by Professor Neelakantan during the Spring '09 term at University of Illinois at Urbana–Champaign.

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Homework 4 Excel Supplement 2.xlsm - 76.7 $802.46 $8,401.72...

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