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Assignment2-2010

# Assignment2-2010 - ChE 263 Assignment#2(Excel HW#2 Remember...

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ChE 263 Assignment #2 (Excel HW #2) Remember: An Excel file is called a Workbook . You can have several Worksheets in a workbook. For the following, each problem should be done on a separate worksheet, but each worksheet should be in the same workbook. You can change the name of a worksheet (by default it is Sheet1, Sheet2, …) to another name by double clicking on the Sheet1 name. 1. ( Competency 5.2, 35 points) Work this problem on a worksheet entitled Mortgage . Assume you are considering purchasing a new car on a 5 year loan. You are going to have to borrow \$15,000. Currently, the annual interest rate for a 5 year mortgages is 6.5%. a. Calculate the monthly payment required for this purchase. b. Calculate the amount paid to interest and principal for each payment . Also report the unpaid balance after each payment. You should have an entry for each of the 60 periods of the loan. Note that the amount paid to interest and the amount paid to principal should add up to the monthly payment for each period. c. Now assume that instead of paying just the minimum amount, you are going to add an extra 1/12 of a payment each month. This extra portion goes directly to paying down the principle. (Hint: See the “Lesson2_DemosPractice.xlsx” available on blackboard for an example)

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