C268 Practice Exam Questions and Answers
Amortization Scenario: You have decided to purchase a new car. You plan to take out a loan to pay for the car. The loan amount is $18,900. You will pay an interest rate of 6.5% and plan to pay off the car in 48 months. You want to calculate the total amount of money and the total amount of interest you will pay over the course of the loan. To help you with these calculations, you decide to construct an amortization table. An amortization table provides details about the payment, interest amount, principal amount, and loan balance for every month of the loan. Perform the tasks below to complete the amortization table and loan summary calculations. 1. Calculate the payment amount for the loan in cell C15. Reference the cells containing the appropriate loan information as the arguments for the function you use. Cells C20–C67 in the "Payment" column are populated with the payment amount from cell C15. =PMT(C13/12,C12,C11)
Document information
- Uploaded on
- July 26, 2021
- Number of pages
- 11
- Written in
- 2020/2021
- Type
- Other
- Person
- Unknown
