Calculate the principal remaining on the loan at beginning

Assignment Help Financial Management

Reference no: EM132001288

You took a student loan of $60,000 from a bank on 1/1/2016. Suppose you want to pay off your student loan in 4 years with equal annual payments. The first payment will be made one year after you took the loan. Assume the interest rate on the student loan is 4.36%. a. Create an amortized loan schedule using the table below. Calculate the principal remaining on the loan at the beginning of each year and the split of each year’s payment between interest and repayment of principle. Label each column clearly. You may use Excel to do the calculations, but you must fill in the table on this page (or print your Excel worksheet out and paste it here). Please do NOT send me your Excel file. Year Beginning Balance Annual Payment Interest Payment Principal Payment Ending Balance 1 2 3 4 b. How much interest will you need to pay in total? What will affect the total amount of interest that you will pay?

Reference no: EM132001288

Questions Cloud

What experience do you have with assessments : What experience do you have with assessments? Which form of assessments do you consider most helpful in evaluating the learning status of learners?

Will hacking and breaches become more predominant : As the "Internet of Things" or as some are calling it "The Internet of Everything" evolves more and more, what do you see as the emerging technology.

Calculate the amount of noncontrolling interest : Calculate the amount of noncontrolling interest to be deducted from consolidated income in the consolidated income statements for 2011 and 2012

Example of a country with good hazardous waste management : Provide an example of a country with good hazardous waste management techniques and one with poor techniques.

Calculate the principal remaining on the loan at beginning : Calculate the principal remaining on the loan at the beginning of each year and the split of each year’s payment between interest and repayment of principle.

Create an attack tree with a goal of accessing a building : Create an attack tree with a goal of accessing a Building. The start of the tree is given in the attached file. The response must be typed.

Game show uncertainty : In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong

Opportunity cost of seeing bruce springsteen : Assume that there are no additional costs of seeing either show. Based on the information presented here, the opportunity cost of seeing Bruce Springsteen is?

Cash flows used to estimate project NPV : Which of the following items should be included in the cash flows used to estimate a project's NPV?

User Account

All Pages