10.3 EXERCISES Directions Solve the following problems. Weite your arswers in the blanks provided. Round dallors to the nearest cent. A. Use Table 10-1 to find the payment factor to 4 decimal places. Interest Rate Term Payment Factor 9.5% 15 years 10.5% 25 years B. Using Table 10-1, calculate the monthly payment. Loan Interest Monthly Amount Rate Term Payment $80,000 9.5% 20 years $65,000 9.5% 25 years $169,450 B.5% 30 years 5. $220,500 9% 25 years 6 C. Prepare a payment schedule for the first and second months of a loan of $80,000 at 129 interest for 30 years. The monthly payment on this loan is $822.89, Monthly Interest Principal Balance of Payment Payment Payment Principal $822.89 7. 8. 9. $822.89 10. Nn 12, D. Use Excel to calculate monthly payment and to prepare an amortization schedule. 13. Retrieve ch10ex05.xls from your student Data CD. A. Julio has taken out a 25-year mortgage for $82,000. The interest rate is 8.5% and the down payment is 20%, Calculate the monthly payment. In Cell C8, enter a formula to compute the Down Payment In Cell C9, enter a formula to compute the Amount Financed. In Cell C10, enter a formula to compute the $1,000 Units of Amount Financed, In Cell C12, enter a formula to compute the Monthly Payment. Format Cells C8, C9, and C12 for Currency, 2 Decimal places, and $. Format Cell C10 for Number. Set Decimal places to 1. faye ees