Ballon Finance Assingment Help With Solution

Ballon Finance Assingment Help With Solution

Modify the spreadsheet in Sidebar 16-2 to calculate the total interest paid over the life of the loan. Test your spreadsheet by entering the data from Problems 11 and 12. Compare your spreadsheet’s solution to the answer to these problems. Hint: You need to add the balloon payment to Eq.(16-8).

Problem 11
Determine the monthly payment for a thirty-year real estate loan with an annual percentage rate of 8.5% and an initial principal of \$200,000. How much interest is paid over the life of the loan?

Problem 12
Determine the monthly payment for a sixty-month truck loan with an annual percentage rate of 11% and an initial principal of \$17,000. How much interest is paid over the life of the loan?

Using the principles from Sidebar 16-3, prepare an amortization schedule for a 30-year loan with monthly payments. The amortization schedule should be set up as shown in Figure 16-2 and allow the user to change the schedule by changing the APR and the loan amount (the ending principal for month 0). The spreadsheet should calculate the monthly payment. Be sure to round the monthly payment and monthly interest to whole pennies. Test your spreadsheet by entering the data from Appendix E and compare your spreadsheet’s solution to the appendix. The last payment needs to be adjusted to bring the balance to zero at the end of 30 years.

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Modify the spreadsheet from Problem to handle a term of 1 to 360 months. Test your spreadsheet by entering data from Appendix E and Problems 11 through 14. Compare your answer to the solutions to these problems. There may be some minor differences due to the way rounding is handled in the spreadsheet versus the problems. Be sure to adjust your last payment to bring the balance to zero at the end of the term. Use the IF function to blank out cells beyond the loan’s duration.
Problem 11
Determine the monthly payment for a thirty-year real estate loan with an annual percentage rate of 8.5% and an initial principal of \$200,000. How much interest is paid over the life of the loan?
Problem 14
The truck in Problem 12 is to be purchased with a forty-eight-month loan with an annual percentage rate of 11%. What is the difference in the monthly payments for the forty-eight-month and sixty-month loans? How much does using a forty-eight-month loan save in interest?
Problem 12
Determine the monthly payment for a sixty-month truck loan with an annual percentage rate of 11% and an initial principal of \$17,000. How much interest is paid over the life of the loan?

Using the principles from Sidebar 16-3, prepare an amortization schedule for a 60-month car loan with an annual percentage rate of 11% and an initial principal of \$17,000. The monthly interest rate is based on Eq.(16-4). The loan is originated on January 10, 2009, and the payments are due on the tenth of each month. If the payment date falls on a Saturday or Sunday, then the payment is due the following Monday. Use the same format as was used in Figure 16-3. Use the Goal Seek function to find the payment; then re-enter the payment to the nearest penny.

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