The McCloud family is purchasing a new refrigerator. The price is $2000. They are charging the purchase to the store credit card, and are making the minimum payment of 3% of the balance. The company tells them that when making the minimum monthly payment, 80% of the minimum payment goes toward interest and the remaining portion of the minimum payment goes toward the principal. 1. Calculate the monthly payment details for the first 6 months of minimum payments. Number of Months (n) 1 2 3 4 5 6 Balance Before Monthly Payment ($) Minimum Monthly Payment ($) Amount Paid Toward Principal ($) Amount Paid Toward Interest ($) Balance After Monthly Payment ($) 2. After 3 years, what is the remaining balance? Show your work. 3. What changes would you recommend the McCloud's make to their payment plan? Explain your reasoning.

The McCloud family is purchasing a new refrigerator. The price is $2000. They are charging the purchase to the store credit card, and are making the minimum payment of 3% of the balance. The company tells them that when making the minimum monthly payment, 80% of the minimum payment goes toward interest and the remaining portion of the minimum payment goes toward the principal. 1. Calculate the monthly payment details for the first 6 months of minimum payments. Number of Months (n) 1 2 3 4 5 6 Balance Before Monthly Payment ($) Minimum Monthly Payment ($) Amount Paid Toward Principal ($) Amount Paid Toward Interest ($) Balance After Monthly Payment ($) 2. After 3 years, what is the remaining balance? Show your work. 3. What changes would you recommend the McCloud's make to their payment plan? Explain your reasoning.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS 9.-Textiles del Desierto, S.A., negotiates an industrial equipment worth $650,000.00 (20.35) cash is sold in installments, with an advance payment of 15% and the balance in a year and a half with equal semi-annual payments, charging 16½ % interest. Find the value of each of the semiannual payments or annuities. Note:In the image, this is the original exercise, it is in Spanish, but it is easy to understand. Very important Note:It is necessary that you make a solution approach and then the result. Above all, to check the procedure and/or the formulas used, especially when you use excel. please... understand the context of the exercise in Spanish, it is easy to understand.