learn Enter values Loan Anual interest rate Loan period in years Scheduled numbe
ID: 2620355 • Letter: L
Question
learn Enter values Loan Anual interest rate Loan period in years Scheduled number of Number of payments per Total early Start date of loan Total Lender Payment Date Beginning Balance Etre Peyment Total Pyment Prindpal Inerest Ending Balance Cumalative Ieterest No. 158.81939 S 155.637 99 55,45583 5527284 866 18061 676.00 s 156,000.00 55819 3985661 55.637 99856.61 55 455 81S836 61 5 55 272.84 88661 155,069 00 85661 821867443 18297 67364 1,351 22 02565 699 29 6613 67285% . isso 67205 5490451 4044 19 a) What is the monthly payment? b) How many payments will there be total? c) How much is the loan for? d) How much do you end up paying total (including all interest? e) How much of the 4th payment goes toward paying down the principal? f) How much do you still owe after the 5th payment?Explanation / Answer
Answer 1 using Financial calculator PV= -156000 N= 360 (12*30 number of years) I/Y= 0.43 (5.2% rate computed for monthly that is divided by 12) FV= 0 Press CPT and PMT PMT= $856.61 Answer 2 Total number of payement=number of years *Payment per year Total number of payement=30 *12=360 Answer 3 Loan amount=156000 Answer 4 Total payment=360*856.61 Total payment= 308379.60 Answer 5 Using financial calculator press 2nd and PV P01=4 P02=4 scroll down twice Principal=182.97 Answer 6 Using financial calculator press 2nd and PV P01=5 P02=5 scroll down once Balance=155089.07
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