Answer To: - QUESTION ONE FINANCIAL MATHEMATICS (06 marks) complete on excel spreadsheet A young newly...
Sumit answered on Sep 17 2021
Question 1
Given:
Purchase Price $ 190,000
Time 20 Years
Interest Rate 17% P.A.
(a). Amount of Annual Payment $ 33,761.17
(b). Amortization Table
Period Opening Amount Installment Amount Interest Amount Principle Amount Closing Amount
1 $ 190,000 $ 33,761.17 $ 32,300 $ 1,461.17 $ 188,538.83
2 $ 188,538.83 $ 33,761.17 $ 32,052 $ 1,709.57 $ 186,829.26
3 $ 186,829.26 $ 33,761.17 $ 31,761 $ 2,000.19 $ 184,829.07
4 $ 184,829.07 $ 33,761.17 $ 31,421 $ 2,340.23 $ 182,488.85
5 $ 182,488.85 $ 33,761.17 $ 31,023 $ 2,738.06 $ 179,750.78
6 $ 179,750.78 $ 33,761.17 $ 30,558 $ 3,203.54 $ 176,547.25
7 $ 176,547.25 $ 33,761.17 $ 30,013 $ 3,748.14 $ 172,799.11
8 $ 172,799.11 $ 33,761.17 $ 29,376 $ 4,385.32 $ 168,413.79
9 $ 168,413.79 $ 33,761.17 $ 28,630 $ 5,130.82 $ 163,282.97
10 $ 163,282.97 $ 33,761.17 $ 27,758 $ 6,003.06 $ 157,279.90
11 $ 157,279.90 $ 33,761.17 $ 26,738 $ 7,023.59 $ 150,256.32
12 $ 150,256.32 $ 33,761.17 $ 25,544 $ 8,217.59 $ 142,038.72
13 $ 142,038.72 $ 33,761.17 $ 24,147 $ 9,614.59 $ 132,424.14
14 $ 132,424.14 $ 33,761.17 $ 22,512 $ 11,249.07 $ 121,175.07
15 $ 121,175.07 $ 33,761.17 $ 20,600 $ 13,161.41 $ 108,013.66
16 $ 108,013.66 $ 33,761.17 $ 18,362 $ 15,398.85 $ 92,614.82
17 $ 92,614.82 $ 33,761.17 $ 15,745 $ 18,016.65 $ 74,598.17
18 $ 74,598.17 $ 33,761.17 $ 12,682 $ 21,079.48 $ 53,518.69
19 $ 53,518.69 $ 33,761.17 $ 9,098 $ 24,662.99 $ 28,855.70
20 $ 28,855.70 $ ...