Use a spreadsheet or financial program on a calculator or computer to complete the problems.

Develop an amortization schedule for a $10$-year mortgage loan of $\$ 80,000$ at $7.2 \%$ compounded monthly.

In Exercises $28$ through $31$, use the formula in Exercise $26$ to answer the given question.

MORTGAGE PAYMENTS A homeowner puts $\$ 35,000$ down on a $\$ 350,000$ home and takes out a $30$-year mortgage for the balance. If the interest rate is $6 \%$ per year, compounded monthly, what are the monthly mortgage payments?

Andrew and Ruth Bacon would like to obtain an installment loan of $1,850 to repaint their home. They can get the loan at an APR of (a) 8% for 24 months or (b) 11 % for 18 months. Which loan has the lower finance charge?

Aurora Kaylow obtained an installment loan of $6,000 on a used sailboat. She financed the purchase through the boat dealer and agreed to repay the loan in 48 monthly payments at an APR of 10 percent. What is the finance charge?

Adolfo Ramirez obtained an installment loan of $6,800 for a used car. He made an$800 down payment. He financed the purchase with a finance company and agreed to repay the loan in 24 monthly payments at an APR of 8 percent. What is the finance charge?

Herb and Marci Rahla are purchasing a dishwasher with an installment loan that has an APR of 10 percent. The dishwasher sells for $699.95. They agree to make a down payment of 20 percent and to make 12 monthly payments. What is the finance charge?

Milt Gibson purchased computer equipment for $4020. He used the store's credit plan. He made a 20% down payment. What amount did he finance?

Find the (a) down payment and (b) amount financed. Laurenz Huber financed the purchase of an $8,371.39 snowmobile with a 15% down payment.

Cash price of $14,470. Down payment of$3,000. What amount is financed?

Find the down payment and amount financed

Cash price of $18,936.50.
30% down payment.
What amount is financed?

Joseph Henning borrowed $24,000 for new computers for his software production company. His bank granted him a single-payment loan of$24,000 for 144 days at an ordinary interest rate of 9 percent. What is the maturity value of his loan?

A zero-coupon bond that will pay $1,000 in 10 years is selling today dor$422.41. What interest rate does the bond offer?

Suppose that you take out a $200,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 6%, and payments on the loan are made annually at the end of each year.
b. Construct a mortgage amortization table in Excel similar to Table 2.1, showing the interest payment, the amortization of the loan, and the loan balance for each year.