By Admin on Oct 20, 2009 in Mathematics
gen asked:
A laptop worth $48000 can be bought at $8000 and the balance to be paid monthly for 1 year at 12% compunded monthly
a. find the monthly payment R
b. make an amortization schedule for this loan
c. How much is the outstanding principal after 5 payments? before the 5th payment?
d. how much is the owners equity after 5 payments?
A laptop worth $48000 can be bought at $8000 and the balance to be paid monthly for 1 year at 12% compunded monthly
a. find the monthly payment R
b. make an amortization schedule for this loan
c. How much is the outstanding principal after 5 payments? before the 5th payment?
d. how much is the owners equity after 5 payments?
All, in Canadian dollars:
a. Monthly payment: 3553.95
b. Table follows:
(sorry, a pain to format, but you can de-cypher, with help from a ruler.)
mo begin bal int******* bal ante** payment* end bal
01 40,000.00 400.00 40,400.00 3,553.95 36,846.05
02 36,846.05 368.46 37,214.51 3,553.95 33,660.56
03 33,660.56 336.61 33,997.17 3,553.95 30,443.22
04 30,443.22 304.43 30,747.65 3,553.95 27,193.70
05 27,193.70 271.94 27,465.64 3,553.95 23,911.69
06 23,911.69 239.12 24,150.80 3,553.95 20,596.85
07 20,596.85 205.97 20,802.82 3,553.95 17,248.87
08 17,248.87 172.49 17,421.36 3,553.95 13,867.41
09 13,867.41 138.67 14,006.08 3,553.95 10,452.13
10 10,452.13 104.52 10,556.65 3,553.95 07,002.70
11 07,002.70 070.03 07,072.73 3,553.96 03,518.77
12 03,518.77 035.19 03,553.96 3,553.96 00,000.00
c. 27,465.64; 23,911.69
d. 31,911.69, ignoring depreciation.
Robert B | Oct 21, 2009 | Reply