A Loan Loan Payment Calculator Payment Calculator should be created and
Date Item Price Down Payment Loan Amount Rate 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% should use the Payment function. 16-Oct-2008 Rate 5.75% Home Years 18 $265,000.00 Monthly Payment $1,748.80 $30,000.00 Total Interest $142,740.46 $235,000.00 Total Cost $407,740.46 Total Interest $142,740.46 108,302.37 115,044.51 121,859.98 128,748.21 135,708.58 142,740.46 149,843.19 157,016.11 164,258.51 171,569.68 178,948.90 186,395.42 193,908.46 201,487.26 Total Cost $407,740.46 373,302.37 380,044.51 386,859.98 393,748.21 400,708.58 407,740.46 414,843.19 422,016.11 429,258.51 436,569.68 443,948.90 451,395.42 458,908.46 466,487.26 Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Amortization Schedule
Beginning Balance $235,000.00 227,326.79 219,200.56 210,594.56 201,480.45 191,828.26 181,606.20 170,780.63 159,315.92 147,174.34 134,315.92 120,698.34 106,276.78 91,003.77 74,829.05 57,699.38 39,558.37 20,346.32 Ending Balance $227,326.79 219,200.56 210,594.56 201,480.45 191,828.26 181,606.20 170,780.63 159,315.92 147,174.34 134,315.92 120,698.34 106,276.78 91,003.77 74,829.05 57,699.38 39,558.37 20,346.32 0.00 Subtotal Down Pymt Total Cost Paid On Principal $7,673.21 8,126.23 8,606.00 9,114.10 9,652.20 10,222.06 10,825.57 11,464.71 12,141.58 12,858.42 13,617.58 14,421.56 15,273.01 16,174.72 17,129.67 18,141.01 19,212.05 20,346.32 $235,000.00 Interest Paid $13,312.37 12,859.35 12,379.58 11,871.48 11,333.38 10,763.52 10,160.01 9,520.87 8,844.00 8,127.16 7,368.00 6,564.02 5,712.58 4,810.86 3,855.91 2,844.57 1,773.53 639.26 $142,740.46 $30,000.00 $407,740.46
Interest Rate Schedule
Monthly Payment $1,748.80 1,589.36 1,620.58 1,652.13 1,684.02 1,716.24 1,748.80 1,781.68 1,814.89 1,848.42 1,882.27 1,916.43 1,950.90 1,985.69 2,020.77
A data table should be created and should include the interest rate schedule.
An Amortizatin Schedule should be created and should use the present value and future value functions.