Prepare an amortization table for the following car loan: Amount Financed: $25,000 Time period: 3 1/
Prepare an amortization table for the following car loan: Amount Financed: $25,000 Time period: 3 1/2 years Interest rate: 4.8% 1 – Determine the monthly payment using the “pmt” function on Excel 2 – Prepare a monthly amortization table for the payoff of the loan. (Round to cents.) Answer the following questions: a) How much interest expense will they incur in month 12? b) What is the remaining principal balance in month 15? c) What is the remaining principal balance in month 24? 3 – Prepare a second amortization table assuming that you round up the payment to the nearest $100. (Example: payment is $233.19, Roundup would be $300.00.) Answer the following questions: a) How much interest expense will they incur in month 12? b) What is the remaining principal balance in month 15? c) What is the remaining principal balance in month 24? 4- In what month would you pay off the rest of the loan if they round up the payment to the nearest $1007 In the last month, the final payment will probably be less than the rounded up amount in order to pay off the remaining loan amount. This is the month you should record. Submit this answer sheet along with your amortization table.
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