Your firm, Bonfre Salt Company, has taken out a bank loan for dollar 2,00,000 at
ID: 2721548 • Letter: Y
Question
Your firm, Bonfre Salt Company, has taken out a bank loan for dollar 2,00,000 at an interest rate of 6 percentage and maturity of 2 years. You will make 24 equal monthly payments at the end of each month, thus this is an amortized loan. Create an amortization table for this loan for the first two (2) months. Amortization table: After one-year, at which Bonfre Salt Company has made 12 monthly payments and wishes to prepay the loan. Given that there are no pre-payment penalties, what is the remaining balance on the loan (payoff amount)? Remember, Bonfre has just 12 pay remaining.Explanation / Answer
Loan Amount 200000 Interest Rate 6% Monthly interest 0.005 Monthly Payment ($8,864.12) Loan Amortization Table Period Principal Interest Payment Balance 0 $ 200,000.00 Ans (4) 1 $ 7,864.12 $ 1,000.00 $ 8,864.12 $ 192,135.88 2 $ 7,903.44 $ 960.68 $ 8,864.12 $ 184,232.44 3 $ 7,942.96 $ 921.16 $ 8,864.12 $ 176,289.48 4 $ 7,982.67 $ 881.45 $ 8,864.12 $ 168,306.80 5 $ 8,022.59 $ 841.53 $ 8,864.12 $ 160,284.21 6 $ 8,062.70 $ 801.42 $ 8,864.12 $ 152,221.51 7 $ 8,103.01 $ 761.11 $ 8,864.12 $ 144,118.50 8 $ 8,143.53 $ 720.59 $ 8,864.12 $ 135,974.97 9 $ 8,184.25 $ 679.87 $ 8,864.12 $ 127,790.72 10 $ 8,225.17 $ 638.95 $ 8,864.12 $ 119,565.55 11 $ 8,266.29 $ 597.83 $ 8,864.12 $ 111,299.26 12 $ 8,307.63 $ 556.50 $ 8,864.12 $ 102,991.63 Ans) Amoment of prepayment loan amount would be after 12 months payment $ 102,991.63
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.