Calculating_payments_using_PMT-Cameron Sloan

xlsx

School

Eastern Gateway Community College *

*We aren’t endorsed by this school

Course

100_503

Subject

Finance

Date

Jan 9, 2024

Type

xlsx

Pages

6

Uploaded by AdmiralStraw4916

Report
Each yellow cell requires a formula. The formula must only contain cell addresses. Each correct formula will begin with =, +, or -. The basic mathematical operators are +, -, * and / Using the PMT function: The PMT function has the following syntax: =-PMT(Rate,Nper,Pv,Fv,Type) Note: To return the payment as a positive value, you must include a negative sign, either before the PMT or Click on the "Loans PMT" tab and enter your name in Cell C1. If Cell C1 is left blank, you will not be able to se Addition: To add the values in cells A1 and B4, the formula is =A1+B4 Subtraction: To subtract the value in cell B4 from the value in cell A1, the formula is =A1-B4 Multiplication: To multiply the values in cells A1 and B4, the formula is =A1*B4 Division: To divide the value in cell A1 by the value in cell B4, the formula is =A1/B4
as a negative PV amount. ee your score.
Name: Cameron Sloan Your score: 56% Loan amount $70,000 Term (years) 5 Annual interest % 8% Payments per year 2 $8,630 2) Complete the amortization schedule for this note. All formulas must return a positive value. Your formula is incorrect. Credit Cash 1 $70,000.00 $2,800.00 $5,830.37 $8,630.37 $61,369.63 2 $61,369.63 $2,454.79 $6,175.58 $8,630.37 $52,739.27 3 $52,739.27 $2,109.57 $6,520.80 $8,630.37 $44,108.90 4 $44,108.90 $1,764.36 $6,866.01 $8,630.37 $35,478.54 5 $35,478.54 $1,419.14 $7,211.22 $8,630.37 $26,848.17 6 $26,848.17 $1,073.93 $7,556.44 $8,630.37 $18,217.80 7 $18,217.80 $728.71 $7,901.65 $8,630.37 $9,587.44 8 $9,587.44 $383.50 $8,246.87 $8,630.37 $957.07 9 $957.07 $38.28 $8,592.08 $8,630.37 ($7,673.29) 10 ($7,673.29) ($306.93) $8,937.30 $8,630.37 ($16,303.66) Totals $12,465.34 $73,838.32 $86,303.66 On January 1, 2023 the Cameron Sloan Company borrows $70,000 cash by signing a 5-year, 8%, installment note, with semiannual interest payments. 1) Calculate the amount of each payment using the PMT function. 2) Prepare the amortization schedule for the loan. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. 1) What is the amount of each semiannual loan payment?. The PMT function must be used, and formula must return a positive value. Semiannual Interest Period Beginning Balance Debit Interest Expense Debit Notes Payable Ending Balance
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Name: Cameron Sloan Your score: 100% Mortgage amount $190,000 Payments per year 12 Financing Option Term (years) 1 25 8.0% $1,466.45 $439,935.25 $249,935.25 2 20 7.0% $1,473.07 $353,536.31 $163,536.31 3 30 7.5% $1,328.51 $478,262.72 $288,262.72 4 25 9.0% $1,594.47 $478,341.93 $288,341.93 Cameron Sloan wants to buy a home, and is considering several financing options. Cameron plans to borrow $190,000 with monthly payments. 1) Calculate the amount of each mortgage payment using the PMT function. 2) Calculate the total amount of mortgage payments and 3) the total amount of interest paid over the term of the mortgage under the following financing options.Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Annual interest rate 1) Monthly payment 2) Total payments over term 3) Total interest paid over term
Name: Cameron Sloan Your score: 100% Average all tabs: 85% Amount financed $17,000 Payments per year 12 Financing Option Term (years) 1 5 8.0% $344.70 $20,681.92 $3,681.92 2 3 7.0% $524.91 $18,896.78 $1,896.78 3 6 7.5% $293.93 $21,163.10 $4,163.10 4 4 9.0% $423.05 $20,306.19 $3,306.19 Cameron Sloan wants to buy a car and is considering several financing options. The car Cameron wants to buy costs $17,000. 1) Calculate the amount of each monthly car payment using the PMT function. 2) Calculate the total amount of the car payments and 3) the total amount of interest paid over the term of the loan under the following financing options.Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Annual interest rate 1) Monthly payment 2) Total payments over term 3) Total interest paid over term
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help