20 You have some key information - just like in class and in the problems. Find

Question

20 You have some key information - just like in class and in the problems. Find the missing pieces Scenario 1 $100,000.00 25 3.00% 12 300 S474.21 Scenario 2 $100,000.00 25 3.00% 12 300 S474.21 Scenario 3 $100,000.00 25 Scenario 4 $100,000.00 25 Loan term interest rate frequency of payments number of payments monthly payments Additional cash added to the NORMAL monthly 12 300 S527.84 12 300 $527.84 payment S100.00 $50.00 S50.00 actual monthly payments %age the loan balance remaining portion the loan balance remaining 40.00% 50.00% $40,000.00 $0.00 $50,000.00 Number of periods 60.000

Explanation / Answer

Missing values are calculated as below:

Particulars Scenario 1 Scenario 2 Scenario 3 Scenario 4 Loan(A) 100000 100000 100000 100000 Term 25 25 25 25 Interest rate 3% 3% 3% 3% Frequency of payments 12 12 12 12 Number of payments 300 300 300 300 Monthly payments(1) 474.21 474.21 527.84 527.84 Additional cash added to the normal monthly payment(2) 0 100 50 50 Actual monthly payments(3)=(1)+(2) 474.21 574.21 577.84 577.84 % of loan balance remaining portion the loan balance remaining(4)=(5)/(A) 40% 0 50% 32% Portion of the loan balance remaining 40000 0 50000 32158 Number of periods(rounded) 95 0 98 60 Calculation NPER(0.03/12,474.21,-40000,,0) NPER(0.03/12,577.84,-50000,,0) PV(0.03/12,60,-577.84,,0)

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