Business, 25.07.2020 21:01 jordaaan101

Corey buys 10 Tuff lift 4-post, 4.5-ton car hoists for his parking garage at a total cost of $410,000. He finances this with a five-year loan at 6.2% APR with monthly payments. After he has made the first 20 payments, how much is the outstanding principal balance on his loan

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Answer from: snikergrace

$291,707

Explanation:

Here first we need to determine the monthly payments using the "PMT" function in excel. The inputs are: rate = 7%/12, nper = 5 years*12 = 60 and PV = 414,000

Thus PMT(7%/12, 60, 414000) = $8,197.70

Now let's make a loan amortization table as shown below:

Month Loan left Monthly Interest Principal Loan balan

at the start payment at the end

of the month of the month.

1.414,000.008,197.70 2,415.00 5,782.70 408,217

2. 408,217.308,197.70 2,381.27 5,816.43 402,401

3. 402,400.888,197.70 2,347.34 5,850.36 396,551

4.396,550.528,197.70 2,313.21 5,884.48 390,666

5.390,666.038,197.70 2,278.89 5,918.81 384,747

6.384,747.228,197.70 2,244.36 5,953.34 378,794

7.378,793.888,197.70 2,209.63 5,988.07 372,806

8.372,805.828,197.70 2,174.70 6,023.00 366,783

9. 366,782.828,197.70 2,139.57 6,058.13 360,725

10.360,724.698,197.70 2,104.23 6,093.47 354,631 11.354,631.228,197.70 2,068.68 6,129.01 348,502

12. 348,502.218,197.70 2,032.93 6,164.77 342,337

13. 342,337.448,197.70 1,996.97 6,200.73 336,137

14. 336,136.728,197.70 1,960.80 6,236.90 329,900

15. 329,899.828,197.70 1,924.42 6,273.28 323,627

16. 323,626.548,197.70 1,887.82 6,309.87 317,317

17. 317,316.668,197.70 1,851.01 6,346.68 310,970

18. 310,969.988,197.70 1,813.99 6,383.70 304,586

19. 304,586.288,197.70 1,776.75 6,420.94 298,165

20. 298,165.338,197.70 1,739.30 6,458.40 291,707

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Corey buys 10 Tuff lift 4-post, 4.5-ton car hoists for his parking garage at a total cost of $410,00...

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