Quiz Calculations - calculate Loan Amount: Given payments...

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calculate Loan Amount: Given payments term (nper) in Years 25 i per annum 6.50% Paments (monthly) $2,000 PV (Loan Amount) $296,205 Given PV (determine payments) term (nper) in Years 25 i per annum 6.50% Paments (monthly) $2,026 PV (Loan Amount) $300,000 Amortization table Loan Amount $300,000 Annual Interest rate 6.50% Mo. Interest rate 0.0054 Mo. Payment $2,026 Mo. Amortization table Mo. 1 Mo. 2 Mo. 3 Mo. 4 Beginning balance $300,000 $299,599 $299,197 $298,792 Mo. Payment $2,026 $2,026 $2,026 $2,026 Interest Paid $1,625 $1,623 $1,621 $1,618 Loan Principle paid $401 $403 $405 $407 Ending Loan balance $299,599 $299,197 $298,792 $298,384 Loan Balance Calculation Loan Amount $300,000 term (nper) in Years 25 Annual Interest rate 6.50% Mo. Payment $2,026 Using CUMIPMT Interest Paid in Yr. 1 $19,354 Interest paid in Yr. 3 $18,668 Cumulative Interest Paid thru Yr 3. $57,045 Interest paid in the 10th Mo. $1,605 Using CUMPRINC % of loan remaining Ending Bal. Yr. 2 $289,762 96.6% Ending Bal Yr. 3
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This note was uploaded on 09/01/2011 for the course BUSINESS 101 taught by Professor Jones during the Spring '11 term at Southern Nazarene.

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Quiz Calculations - calculate Loan Amount: Given payments...

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