accounting help

[Journer]

how the HELL do you get the damn payment?

the problem states that the payments must be equal...

ihateac210.JPG

 

[Journer]

anyone?

 

[LegendKiller]

You trying to use excel or something?

 

[ric1287]

little too vague in what you are asking....

 

[Ns1]

You get time value software, an amortization calculator, or a financial calculator

if you cannot access these then you're fucked. I don't remember learning how to solve that shit in class, but if we were supposed to know it wouldn't surprise me. Nobody does that shit by hand in the real world



//edit

Wait, what AREN'T you given in that problem?

 

[ChaoZ]

Need to know the interest rate.

 

[Journer]

problem:

Lambda Co. borrowed $83,000 at an annual interest rate of 0.064. The loan will be repaid in 4 equal payments at the end of each year.

Round your answers to the nearest dollar. Do not enter commas or dollar signs.
Required: Calculate the amount of the annual payments and complete the interest payment schedule.

Answer:

Correct Answers

Year| Beginning Amount| Interest Expense |Payment| Principal Paid |Ending Amount
1 83000 5312 24173 18861 64139
2 64139 4105 24173 20068 44071
3 44071 2821 24173 21352 22719
4 22719 1454 24173 22719 0

 

[Journer]

ive tried everything i can think of and cant figure out what the monthly payment is supposed to be because they are all supposed to be equal...ugh

 

[Cattlegod]

5.8% interest rate
4 years with a beginning balance of 99,000, if you are given the end amount, then you take the 76302-99000+(99000*.058) = 28440

we need to know what you are given and not given.

 

[Journer]

Originally posted by: Cattlegod
5.8% interest rate
4 years with a beginning balance of 99,000, if you are given the end amount, then you take the 76302-99000+(99000*.058) = 28440

we need to know what you are given and not given.

use the problem above...that is all that is given

 

[ChaoZ]

You need to use a financial calculator, doing it by hand is a bitch. Search for one online. Here are the numbers that you need: N = 4, I = 6.4, PV = 83000, FV = 0. You need to find PMT.

Edit here: http://www.arachnoid.com/lutusp/finance.html

Just hit PMT after you entered all the data.

 

[TipsyMcStagger]

http://www.jeacle.ie/mortgage/instructions.html

about halfway down - "Amortization formula" It's the actual math instead of just plugging items into a financial calculator

 

[Journer]

thanks chaoz...that calc helped me figure it out

thanks all