B22 fx Loan (PV) $ 300,000.00 APR 4.50% Monthly Rate 0.38% NPER 360 Monthly Payment $1,520.06 Payment Number Beg Balance Interest Principal 1 ($1,125.00) ($395.06) 2 ($1,123.52) ($396.54) 3 ($1,122.03) ($398.02) 4 ($1,120.54) ($399.52) 5 ($1,119.04) ($401.02) 6 ($1,117.54) ($402.52) 7 ($1,116.03) ($404.03) 8 ($1,114.52) ($405.54) 9 ($1,112.99) ($407.06) 10 ($1,111.47) ($408.59) 11 ($1,109.93) ($410.12) 12 ($1,108.39) ($411.66) Cumulative Totals after Year 1 Interest Principal Paid What if the goal is $1,400 monthly payment? Monthly Payment $ 1,400.00 Monthly Rate Needed APR Needed Details Map Loan
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Nadia has set up the structure for an amortization schedule in the range H4:L15. Finish the amortization schedule by completing the formula in cell J5, which already contains an IF function that checks whether the year in column H is less than or equal to the term in cell D7. Between the commas in the formula in cell J5, enter another formula using the PV function. Use defined cell names for the rate, nper, and pmt arguments as follows: rate argument: Divide the Rate by 12 to use the monthly interest rate. nper argument: Subtract the year value in cell H5 from the Term, and then multiply the result by 12 to specify the number of months remaining to pay off the loan. pmt argument: Use the Monthly_Payment as a negative value to specify the payment amount per period. I need the steps in order to complete this task please.
Akash M.
Loan Payofl Use the information about Carlos's truck loan in Example 9 to make a spreadsheet of the payment schedule. The first few lines of the spreadsheet should look like the following table: $$\begin{array}{cccc}{\text { Month No. Payment }} & {\text { Interest }} & {\text { Principal }} & {\text { Balance }} \\ \hline 0 & {} & {} & {\$ 16,500.00} \\ {1} & {\$ 364.49} & {\$ 39.88} & {\$ 324.61} & {\$ 16,175.39} \\ {2} & {\$ 364.49} & {\$ 39.09} & {\$ 325.40} & {\$ 15,849.99}\end{array}$$ To create the spreadsheet successfully, however, you need to use formulas for many of the cells, as shown in boldface type in the following sample: Continue the spreadsheet using copy-and-paste techniques, and determine the amount of the 48 th and final payment so that the final balance is $\$ 0.00$ .
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Use the given yearly payment schedule. a. What is the loan amount? b. What is the length of the loan? c. What is the monthly payment? d. What is the total interest paid? e. Construct a scatterplot using the data points (year, loan balance). f. Write a linear regression equation that approximates the year/loan balance relationship. Round to nearest hundredth. g. Write a quadratic regression equation that approximates the year/loan balance relationship. Round to nearest hundredth. h. Write a cubic regression equation that approximates the year/loan balance relationship. Round to the nearest hundredth. $$\begin{array}{|c|c|c|c|}\hline \text { Year } & {\text { Principal Paid }} & {\text { Interest Paid }} & {\text { Loan Balance }} \\ \hline 0 & {} & {} &{\$ 10,000.00} \\ \hline 1 & {\$ 680.52} & {$ 775.41} &{\$ 9,319.48} \\ \hline 2 & {$ 737.01} & {$ 718.92} &{\$ 8,582.47} \\ \hline 3 & {$ 798.18} & {$ 657.75} &{\$ 7,784.29} \\ \hline 4 & {$ 864.43} & {$ 591.50} &{\$ 6,919.86} \\ \hline 5 & {$ 936.17} & {$ 519.76} &{\$ 5,983.69} \\ \hline 6 & {$ 1,013.88} & {\$ 442.05} &{\$ 4,969.81} \\ \hline 7 & {$ 1,098.03} & {\$ 357.90} &{\$ 3,871.78} \\ \hline 8 & {$ 1,189.16} & {\$ 266.77} &{\$ 2,682.62} \\ \hline 9 & {$ 1,287.86} & {\$ 168.07} &{\$ 1,394.76} \\ \hline 10 & {$ 1,394.76} & {\$ 61.18} &{\$ 0.00} \\ \hline\end{array}$$
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