Susan would like to buy a car. She went to the bank and got a loan for $40,000 at the annual interest rate of 4%, for 4 years. Calculate the monthly payment. Calculate the interest on the payment. Calculate the total payment. Make complete amortization schedule on excel

Susan would like to buy a car. She went to the bank and got a loan for $40,000 at the annual interest rate of 4%, for 4 years. Calculate the monthly payment. Calculate the interest on the payment. Calculate the total payment. Make complete amortization schedule on excel

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Susan would like to buy a car. She went to the bank and got a loan for $40,000 at the annual interest rate of 4%, for 4 years.

Calculate the monthly payment.

Calculate the interest on the payment.

Calculate the total payment.

Make complete amortization schedule on excel

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Step 2: Monthly payments

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Step 3: Interest on payment and total payment

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Step 4: Loan amortization table

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