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You borrow $50,000 for 5 years. This is an amortized load, meaning that payments are the same each month, and the loan is fully paid off with final payment. The quoted interest rate (or APR) is 12% per year.   What is the beginning balance, Payment, Interest, Principal and Ending Balance in months 10 and 25?   Enter all the necessary information in an Excel spreadsheet as the example in class, by entering the right formulas in each column.   Also copy and paste the final table from Excel in a word document and attach it with your answer.

You borrow $50,000 for 5 years. This is an amortized load, meaning that payments are the same each month, and the loan is fully paid off with final payment. The quoted interest rate (or APR) is 12% per year.   What is the beginning balance, Payment, Interest, Principal and Ending Balance in months 10 and 25?   Enter all the necessary information in an Excel spreadsheet as the example in class, by entering the right formulas in each column.   Also copy and paste the final table from Excel in a word document and attach it with your answer.

Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...
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You borrow $50,000 for 5 years. This is an amortized load, meaning that payments are the same each month, and the loan is fully paid off with final payment. The quoted interest rate (or APR) is 12% per year.

 

What is the beginning balance, Payment, Interest, Principal and Ending Balance in months 10 and 25?

 

Enter all the necessary information in an Excel spreadsheet as the example in class, by entering the right formulas in each column.

 

Also copy and paste the final table from Excel in a word document and attach it with your answer.

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