Quiz Calculations

# 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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