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Determine the size of the semi-annual payments

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Reference no: EM131987456

Question 1: An amortization

Ahmad borrowed $450000.00 at 3% compoundedsemi-annually for ten years tobuy an apartment. Equal payments are made at the end of every six months.

a) Determine the size of the semi-annual payments.

b) Prepare an amortization schedule showing the details of thefirst two payments and the totalsof all payments.

c) Use Excel to create an Amortization Schedule showing the details of all payments and the totalsof allpayments. Print and attach your Excel worksheet.

Question 2:A sinking fund

A sinking fund amounting to $450000.00 is to be created by making depositsat the end of every six months for ten years. Interest earned by the fund is 3% compounded semi-annually.

a) Determine the size of the semi-annual deposits.

b) Prepare a sinking fund schedule showing the details of the first three deposits and the totals of all payments.

c) Use Excel to create a sinking fund schedule showing the details of all payments and the totals of all payments. Print and attach your worksheet.

Verified Expert

The paper is about how we can use the amortization method and sinking fund method to calculate the repayment plan for one who has borrowed some money for mortgage or purchase of some property. This paper gives solution on how to use amortization method in the first part of the assignment to determine the repayments over a given time schedule. It also demonstrates how to use excel to prepare an amortization schedule that indicates all the payment details. In the second bit of the paper, sunking fund method is used when one wants to create some fund that would be needed at a future date. The method has been used to show how one would know the amount to deposit over a given regular period of time to generate the value required. The paper has been prepared in both Micro Office word document and Microsoft Excel.

Reference no: EM131987456

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