I have to complete this assignment in the next few hours and have no idea where to begin….any help would be sincerely appreciated.
Here it is:
A man has 5 years remaining on a six year car loan, his interest rate is 8.25% and his monthly payment is $525.00. His credit union is willing to accept the present value (PV) of the loan as a payoff. Develop an amortization schedule
that shows how much he must pay at the end of each of the six years. Then create a worksheet that includes the beginning and ending balance, the amount paid on the principal and the interest paid for years two through six. Because he has paid for the first year already, determine only the ending
balance (present value) for year one.
I know this may come easy to someone but I am completely lost here. Please
help!
Thanks a million
If you have the time…you can email it to me at my yahoo address and if it is not protected I can look at it and do one of my own. Thanks…my addy is teeinno@yahoo.com
It would be hard for me to explain how I do this, but I can make a spreadsheet with all this data and arrive with the stated results. Maybe this web page can help you.
http://www.usd.edu/trio/tut/excel/
It would take me longer than a few minutes to write down the steps because I would have to atually do the speadsheet and take some notes.
Hey, I am just an educated carpenter
It would be hard for me to explain how I do this, but I can make a spreadsheet with all this data and arrive with the stated results. Maybe this web page can help you.
http://www.usd.edu/trio/tut/excel/
It would take me longer than a few minutes to write down the steps because I would have to atually do the speadsheet and take some notes.
Hey, I am just an educated carpenter
References :
Try this to see if it is what you need.
http://office.microsoft.com/en-us/templates/results.aspx?qu=amortization&av=TPL000
References :