Amortization Table A loan of $11,000 is to be repaid over a 2-year period through equal quarterly installments with an interest rate of 13% per year compounded quarterly. Determine the size of each installment. Part 1 of 2 Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver. Round the final answer to two decimal places. N = 1% = PV = 8 ✔ 13 11000 PMT= alpha ✔ 8 13 Final Answer: $1583.59 11000 alpha FV = P/Y = C/Y = 1583.59 o PMT: (End/Begin) End✔ ✔ Part 2 of 2 Verify the installment amount by filling in the amortization table. X 1583.59 1583.59 ✓ 1583.59 1583.59 ✔ 1583.59 ✔ 1583.59 ✔ 1583.59 1583.59 0 End of Period Interest Charged Repayment Made Payment Toward Principal Outstanding Principal 0 11000 ✓ 1 x 2 X 3 X 4 X 5 6 7 8 ✓ 4 End X X X

Amortization Table A loan of $11,000 is to be repaid over a 2-year period through equal quarterly installments with an interest rate of 13% per year compounded quarterly. Determine the size of each installment. Part 1 of 2 Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver. Round the final answer to two decimal places. N = 1% = PV = 8 ✔ 13 11000 PMT= alpha ✔ 8 13 Final Answer: $1583.59 11000 alpha FV = P/Y = C/Y = 1583.59 o PMT: (End/Begin) End✔ ✔ Part 2 of 2 Verify the installment amount by filling in the amortization table. X 1583.59 1583.59 ✓ 1583.59 1583.59 ✔ 1583.59 ✔ 1583.59 ✔ 1583.59 1583.59 0 End of Period Interest Charged Repayment Made Payment Toward Principal Outstanding Principal 0 11000 ✓ 1 x 2 X 3 X 4 X 5 6 7 8 ✓ 4 End X X X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 5RE: Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit...

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Given a loan amount P, an annual interest rate r, and the length of the loan in years, find the monthly payment R necessary to pay off the loan by completing parts a through c. Represent the number of monthly payments by n. Amount Rate Time $50,000 5% 20 years Question content area bottom Part 1 a. Calculate P1+r12n and call this number A. A=enter your response here (Round to two decimal places as needed.) Part 2 b. Calculate 1+r12n−1r12 and call this number B. B=enter your response here (Round to two decimal places as needed.) Part 3 c. Let R = AB. The monthly payment necessary to pay off the loan is R=$enter your response here. (Round up to the nearest cent.)
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Excel Online Structured Activity: Amortization schedule The data on a loan has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. X Open spreadsheet a. Complete an amortization schedule for a $42,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 9% compounded annually. Round all answers to the nearest cent. Year 1 2 3 Year 1: Year 2: Year 3: I $ $ $ Beginning Balance ||| IV V % Interest % heck My Work $ $ % Payment b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all answers to two decimal places. % Principal % Reset Problem % $ $ $ % Interest $ $ $ Repayment of Principal $ c. Why do these percentages change over time? I. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as…
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