4 (5) Assume a 30-year mortgage loan for $250,000 for 30 years at an annual rate of 6%. What would be your fixed annual and monthly payments? Enter the inputs into the appropriate cells 5 in column B and set this up so that your answers are displayed as positive values. Round all values to two places after the decimal point. 6 (6) For the loan in #5 , prepare the first two monthly payment rows of the amortization table. 7 8 LOAN AMOUNT 9 TERM OF LOAN N YEARS 10 ANNUAL INTEREST RATE 11 TERM OF LOAN IN MONTHS 12 MONTHLY INTEREST RATE 13 FIXED LOAN PAYMENT (ANNUAL) 14 FIXED LOAN PAYMENT (MONTHLY) 15 16 17 18 19 20 21 22 AMORTIZATION TABLE PAYMENT 1 2 BEGINNING BALANCE FIXED PAYMENT INTEREST PRINCIPAL ENDING BALANCE
4 (5) Assume a 30-year mortgage loan for $250,000 for 30 years at an annual rate of 6%. What would be your fixed annual and monthly payments? Enter the inputs into the appropriate cells 5 in column B and set this up so that your answers are displayed as positive values. Round all values to two places after the decimal point. 6 (6) For the loan in #5 , prepare the first two monthly payment rows of the amortization table. 7 8 LOAN AMOUNT 9 TERM OF LOAN N YEARS 10 ANNUAL INTEREST RATE 11 TERM OF LOAN IN MONTHS 12 MONTHLY INTEREST RATE 13 FIXED LOAN PAYMENT (ANNUAL) 14 FIXED LOAN PAYMENT (MONTHLY) 15 16 17 18 19 20 21 22 AMORTIZATION TABLE PAYMENT 1 2 BEGINNING BALANCE FIXED PAYMENT INTEREST PRINCIPAL ENDING BALANCE
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Transcribed Image Text:4 (5) Assume a 30-year mortgage loan for $250,000 for 30 years at an annual rate of 6%. What would be your fixed annual and monthly payments? Enter the inputs into the appropriate cells
5 in column B and set this up so that your answers are displayed as positive values. Round all values to two places after the decimal point.
6 (6) For the loan in #5 , prepare the first two monthly payment rows of the amortization table.
7
8 LOAN AMOUNT
9 TERM OF LOAN N YEARS
10 ANNUAL INTEREST RATE
11 TERM OF LOAN IN MONTHS
12 MONTHLY INTEREST RATE
13 FIXED LOAN PAYMENT (ANNUAL)
14 FIXED LOAN PAYMENT (MONTHLY)
15
16
17
18
19
20
21
22
AMORTIZATION TABLE
PAYMENT
1
2
BEGINNING BALANCE
FIXED PAYMENT
INTEREST
PRINCIPAL
ENDING BALANCE
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