ch10test02a - c. Enter a formula in Cell B24 to calculate...

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BUSINESS MATH USING EXCEL Name ______________________________ Date ______________________________ Chapter 10 - Test 02 Loan Amount $55,000.00 Interest Rate 8.5% Down Payment Percent 15% Years for Loan 6 Amount Financed $46,750.00 Finance Charge $23,842.50 Monthly Payment $980.45 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 60 Payments Remaining 30 Sum of Digits Payments Remaining 465 Sum of Digits Total Payments 1830 Finance Charge Rebate $6,058.34 Balance Remaining $29,413.54 Loan Payoff $23,355.20 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 6-year loan for $55,000 and were charged 8.5% interest with a 15% 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 ch10test02a.xls. A B 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...
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This note was uploaded on 02/19/2012 for the course BUS bus 130 taught by Professor Munoz during the Winter '10 term at Everett CC.

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