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ch10qz03a

# ch10qz03a - d In Cell D25 enter a formula to compute the...

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BUSINESS MATH USING EXCEL Name ______________________________ Date ______________________________ Chapter 10 - Quiz 03 Purchase Price \$162,800.00 Interest Rate 8% Length of Loan in Years 25 Down Payment Percent 10% Down Payment 16280 Amount Financed \$146,520.00 Units \$146.52 Factor 7.7182 Monthly Payment \$1,130.87 Directions: a. In Cell C8, enter a formula to compute the Down Payment. b. In Cell C9, enter a formula to compute the Amount Financed. d. In Cell C12, enter a formula to compute the Monthly Payment. B. Complete the amortization schedule for the first three months of the mortgage. Month ––––– ––––– ––––– ––––– \$146,520.00 1 1130.87 \$976.80 \$154.07 \$146,365.93 2 1130.87 \$975.77 \$155.10 \$146,210.83 3 1130.87 \$974.74 \$156.13 \$146,054.70 Directions a. In Cell E24, enter the Amount Financed from Cell C9. b. In Cell B25, enter the amount of the Monthly Payment. Copy it in Cells B26 and B27. c. In Cell C25, enter a formula to compute the Interest Portion of the first Monthly Payment.
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Unformatted text preview: d. In Cell D25, enter a formula to compute the Principal Portion. e. In Cell E25, enter a formula to calculate the Loan Balance after the first month’s payment. f. Copy the formulas in Cells C25, D25, and E25 to Rows 26 and 27 to complete the spreadsheet. g. Format Columns B, C, D, and E for Currency, 2 Decimal places, and \$. A. You have taken out a 25-year mortgage for \$162,800. The interest rate is 8% and the down payment is 10%. Calculate the monthly payment. c. In Cell C10, enter a formula to compute the \$1,000 Units of Amount Financed. e. Format Cells C8, C9, and C12 for Currency, 2 Decimal places, and \$. Format Cell C10 for Number. Set Decimal places to 2. Monthly Payment Interest Portion Principal Portion Loan Balance h. Save the file as ch10qz03a.xls. A B C D E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38...
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