Tesla Worksheet for Mortage # Date Monthly Payment Principal Interest Current Balance Current Interest Jan. 1 2023 500,000 5% 1 Jan. 31, 2023 $2,684.11 $600.77 $2,083.33 $499,399.23 2 Feb. 28, 2023 $1,388.89 $603.28 $785.61 $498,795.95 3 Mar. 31, 2023 $1,388.89 $605.79 $783.10 $498,190.16 4 Apr. 30, 2023 $1,388.89 $608.32 $780.57 $497,581.84 5 May 31, 2023 $1,388.89 $610.85 $778.04 $496,970.99 6 Jun. 30, 2023 $1,388.89 $613.40 $775.49 $496,357.59 7 Jul. 31, 2023 $1,388.89 $615.95 $772.94 $495,741.64 8 Aug. 31, 2023 $1,388.89 $618.52 $770.37 $495,123.12 9 Sept. 30, 2023 $1,388.89 $621.10 $767.79 $494,502.03 10 Oct. 31, 2023 $1,388.89 $623.68 $765.21 $493,878.35 11 Nov. 30, 2023 $1,388.89 $626.28 $762.61 $493,252.06 12 Dec. 31, 2023 $1,388.89 $628.89 $760.00 $492,623.17 Tesla has a manufacturing building that they paid $500,000 on December 31, 2022. To pay for the building, they took a 30-year fixed mortgage loan at 5%. for the building. The mortgage payment is paid at the end of each month with cash. Complete the Mortgage Payment worksheet using the PMT and PPMT functions. You should use each function in only one column on the Mortgage Payment worksheet. What would be the formulas for the monthly payment and the principle?

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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	Tesla Worksheet for Mortage

#	Date	Monthly Payment	Principal	Interest	Current Balance	Current Interest
	Jan. 1 2023				500,000	5%
1	Jan. 31, 2023	$2,684.11	$600.77	$2,083.33	$499,399.23
2	Feb. 28, 2023	$1,388.89	$603.28	$785.61	$498,795.95
3	Mar. 31, 2023	$1,388.89	$605.79	$783.10	$498,190.16
4	Apr. 30, 2023	$1,388.89	$608.32	$780.57	$497,581.84
5	May 31, 2023	$1,388.89	$610.85	$778.04	$496,970.99
6	Jun. 30, 2023	$1,388.89	$613.40	$775.49	$496,357.59
7	Jul. 31, 2023	$1,388.89	$615.95	$772.94	$495,741.64
8	Aug. 31, 2023	$1,388.89	$618.52	$770.37	$495,123.12
9	Sept. 30, 2023	$1,388.89	$621.10	$767.79	$494,502.03
10	Oct. 31, 2023	$1,388.89	$623.68	$765.21	$493,878.35
11	Nov. 30, 2023	$1,388.89	$626.28	$762.61	$493,252.06
12	Dec. 31, 2023	$1,388.89	$628.89	$760.00	$492,623.17

Tesla has a manufacturing building that they paid $500,000 on December 31, 2022. To pay for the building, they took a 30-year fixed mortgage loan at 5%. for the building. The mortgage payment is paid at the end of each month with cash. Complete the Mortgage Payment worksheet using the PMT and PPMT functions. You should use each function in only one column on the Mortgage Payment worksheet.

What would be the formulas for the monthly payment and the principle?

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