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Panic at the PC - Need Excel spreadsheet help!
I have to complete this assignment in the next few hours and have no idea
where to begin....any help would be sincerely appreciated. Here it is: A man has 5 years remaining on a six year car loan, his interest rate is 8.25% and his monthly payment is $525.00. His credit union is willing to accept the present value (PV) of the loan as a payoff. Develop an amortization schedule that shows how much he must pay at the end of each of the six years. Then create a worksheet that includes the beginning and ending balance, the amount paid on the principal and the interest paid for years two through six. Because he has paid for the first year already, determine only the ending balance (present value) for year one. I know this may come easy to someone but I am completely lost here. Please help! Thanks a million Theresa |
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