You have decided to purchase a small tract of land for building a new home on th

Question

You have decided to purchase a small tract of land for building a new home on the outskirts of town. You have some money available but need a loan of $18,000 to make the purchase. The land will be owner-financed over 4 years with end-of-year payments. The interest rate is 9 percent. Develop an Excel table to illustrate the payment amounts and scedule for the loan, assuming paycheck payback follows:

a.) Method 1: Pay the accumulated interest at the end of each interest period and repay the principal at the end of the loan period.
b.) Method 2: Make equal prinicipal payments, plus interest on the unpaid balance at the end of the period.
c.) Method 3: Make equal end-of-period payments.
d.) Method 4: Make a single payment of principal and interest at the end of the loan period.
e.) A different method: Pay $3000 principal at the end of the first year, the $4000, $5000, and $6000 at the end of years 2, 3, 4, plus the accumulated interest at the end of each interest period.

Please solve by hand showing all equations used clearly and solve using microsoft excel.

Explanation / Answer

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