Homework Help is Here – Start Your Trial Now!
Business
Finance
You have taken a loan of $64,000.00 for 26 years at 4.7% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ $ $ $ $ $ $ Balance $64,000.00 $ $ $

You have taken a loan of $64,000.00 for 26 years at 4.7% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ $ $ $ $ $ $ Balance $64,000.00 $ $ $

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
See similar textbooks
icon
Related questions
Question
100%
**Loan Amortization Table Overview** You have taken a loan of $64,000.00 for 26 years with an interest rate of 4.7% compounded quarterly. Use the table below to fill in the payment details. All computations should be rounded to 2 decimal places. **Table Columns:** 1. **Payment Number:** Indicates the sequence of the payments, starting from 0. 2. **Payment Amount:** Total amount paid in each payment period. 3. **Principal Amount:** Portion of the payment that goes toward reducing the loan's principal balance. 4. **Interest:** Portion of the payment that goes toward paying interest on the loan. 5. **Balance:** Remaining loan balance after each payment. **Initial Condition:** - **Balance at Payment 0:** $64,000.00 **Empty Table for Completion:** | Payment Number | Payment Amount | Principal Amount | Interest | Balance | |----------------|----------------|------------------|----------|------------| | 0 | | | | $64,000.00 | | 1 | $ | $ | $ | $ | | 2 | $ | $ | $ | $ | | 3 | $ | $ | $ | $ | **Instructions:** Calculate the payment amount, principal, interest, and remaining balance for each payment period using the compound interest formulas and amortization schedule methods. Use the interest rate of 4.7% compounded quarterly for your calculations.
Transcribed Image Text:**Loan Amortization Table Overview** You have taken a loan of $64,000.00 for 26 years with an interest rate of 4.7% compounded quarterly. Use the table below to fill in the payment details. All computations should be rounded to 2 decimal places. **Table Columns:** 1. **Payment Number:** Indicates the sequence of the payments, starting from 0. 2. **Payment Amount:** Total amount paid in each payment period. 3. **Principal Amount:** Portion of the payment that goes toward reducing the loan's principal balance. 4. **Interest:** Portion of the payment that goes toward paying interest on the loan. 5. **Balance:** Remaining loan balance after each payment. **Initial Condition:** - **Balance at Payment 0:** $64,000.00 **Empty Table for Completion:** | Payment Number | Payment Amount | Principal Amount | Interest | Balance | |----------------|----------------|------------------|----------|------------| | 0 | | | | $64,000.00 | | 1 | $ | $ | $ | $ | | 2 | $ | $ | $ | $ | | 3 | $ | $ | $ | $ | **Instructions:** Calculate the payment amount, principal, interest, and remaining balance for each payment period using the compound interest formulas and amortization schedule methods. Use the interest rate of 4.7% compounded quarterly for your calculations.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 6 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS