Chapter 10 - c Enter a formula in Cell B24 to calculate the...

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Chapter 10 - Exercise 08 Loan Amount $25,000.00 Interest Rate 12% Down Payment Percent 20% Years for Loan 3 Amount Financed $20,000.00 Finance Charge $7,200.00 Monthly Payment $755.56 Directions: a. Enter a formula in Cell B8 to calculate the Amount Financed. b. Enter a formula in Cell B9 to calculate the Finance Charge. c. Enter a formula in Cell B10 to calculate the Monthly Payment. d. Format dollar amounts for Currency, 2 decimal places, and $. Number of Payments 36 Payments Remaining 6 Sum of Digits Payments Remaining 21 Sum of Digits Total Payments 666 Finance Charge Rebate $227.03 Balance Remaining $4,533.33 Loan Payoff $4,306.31 Directions: a. Enter a formula in Cell B22 to calculate the Sum of Digits Payments Remaining. b. Enter a formula in Cell B23 to calculate the Sum of Digits Total Payments.
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Unformatted text preview: c. Enter a formula in Cell B24 to calculate the Finance Charge Rebate. d. Enter a formula in Cell B25 to compute the Balance Remaining. e. Enter a formula in Cell B26 to find the Loan Payoff. f. Format dollar amounts for Currency, 2 Decimal places, and $. A. You financed a 3-year loan for $25,000 and were charged 12% interest with a 20% down payment. Calculate the amount financed, the finance charge, and the monthly payment. B. You have decided to pay off the loan after 30 months. You want to know the amount of finance charge rebate. Calculate the finance charge rebate, the balance remaining, and the loan payoff. g. Save the file as ch10ex08a.xls....
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This note was uploaded on 04/13/2010 for the course BUSINESS 15643 taught by Professor Schilz during the Spring '10 term at École Normale Supérieure.

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