OUR PARENTS OBTAIN A 2021 MODEL OF TOYOTA FORTUNER FOR P1,500,000.00. THE AGREED PAYMENT IS 5 YEARS and MONTHLY AMORTIZATION CHARGING THEM 8% INTEREST RATE. TOYOTA REQUIRED A DOWN PAYMENT OF 30%. FIND THE MONTHLY AMORTIZATION. 1. CONSTRUCT AN AMORTIZATION SCHEDULE USING AN EXCEL FORMAT THEN ANSWER THE FOLLOWING QUESTIONS: a) AFTER PAYING FOR 3 YEARS, YOUR PARENTS DECIDED TO PAY THE REMAINING PRINCIPAL BALANCE, HOW MUCH IS THE REMAINING PRINCIPAL BALANCE AT THE BEGINNING OF 4TH YEAR? b) HOW MUCH INTEREST DID YOUR PARENT SAVE BY PAYING AT THE REMAINING PRINCIPAL AMOUNT AT THE START OF 4TH YEAR? c) IF THEY DECIDED NOT TO PAY THE PRINCIPAL STARTING ON THE 4TH YEAR AND CONTINUE PAYING THE MONTHLY AMORTIZATION UNTIL THE END OF TERM, HOW MUCH IS THE TOTAL INTEREST PAID?
YOUR PARENTS OBTAIN A 2021 MODEL OF TOYOTA FORTUNER FOR P1,500,000.00. THE AGREED PAYMENT IS 5 YEARS and MONTHLY AMORTIZATION CHARGING THEM 8% INTEREST RATE. TOYOTA REQUIRED A DOWN PAYMENT OF 30%. FIND THE MONTHLY AMORTIZATION.
1. CONSTRUCT AN AMORTIZATION SCHEDULE USING AN EXCEL FORMAT THEN ANSWER THE FOLLOWING QUESTIONS:
a) AFTER PAYING FOR 3 YEARS, YOUR PARENTS DECIDED TO PAY THE REMAINING PRINCIPAL BALANCE, HOW MUCH IS THE REMAINING PRINCIPAL BALANCE AT THE BEGINNING OF 4TH YEAR?
b) HOW MUCH INTEREST DID YOUR PARENT SAVE BY PAYING AT THE REMAINING PRINCIPAL AMOUNT AT THE START OF 4TH YEAR?
c) IF THEY DECIDED NOT TO PAY THE PRINCIPAL STARTING ON THE 4TH YEAR AND CONTINUE PAYING THE MONTHLY AMORTIZATION UNTIL THE END OF TERM, HOW MUCH IS THE TOTAL INTEREST PAID?
Step by step
Solved in 4 steps with 1 images
