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Part 1-A

$40,000
Truck Price .00
Percent
Down 15.00%
APR 1.00%
Pmt/Yr 12
Year 2

Amount $6,000.
Down 00
Amount $34,000
Loan .00
Monthly
Deposit $247.61

Savings
Schedule PMT # $ PMT $ INT $ BAL

$247.6 $247.6
1 1 $0.00 1
$247.6 $495.4
2 1 $0.21 3
$247.6 $743.4
3 1 $0.41 6
$247.6 $991.6
4 1 $0.62 9
$247.6 $1,240
5 1 $0.83 .13
$247.6 $1,488
6 1 $1.03 .77
$247.6 $1,737
7 1 $1.24 .63
$247.6 $1,986
8 1 $1.45 .69
$247.6 $2,235
9 1 $1.66 .96
$247.6 $2,485
10 1 $1.86 .43
$247.6 $2,735
11 1 $2.07 .11
$247.6 $2,985
12 1 $2.28 .01
$247.6 $3,235
13 1 $2.49 .11
$247.6 $3,485
14 1 $2.70 .41
15 $247.6 $2.90 $3,735
1 .93
$247.6 $3,986
16 1 $3.11 .66
$247.6 $4,237
17 1 $3.32 .59
$247.6 $4,488
18 1 $3.53 .74
$247.6 $4,740
19 1 $3.74 .09
$247.6 $4,991
20 1 $3.95 .65
$247.6 $5,243
21 1 $4.16 .42
$247.6 $5,495
22 1 $4.37 .41
$247.6 $5,747
23 1 $4.58 .60
$247.6 $6,000
24 1 $4.79 .00

$5,942 $57.3
.70 0

1. How much money is deposited? $5,942.70 deposited without interest

2. What is the total amount of interest earned? $57.30

3. What percent of the amount deposited is the interest earned? .9642%

4. How does the percent in #3 above compare to the APR? Explain. The percentage above only
a few hundredths of a percent below the APR, but it would be the APR if it were rounded.

Part 1-B

Home $250,00
Price 0.00
Percent
Down 20.00%
APR 1.50%
Pmt/Yr 12
Year 3

Amount $50,000.
Down 00
Amount $200,00
Loan 0.00
Monthly $1,358.7
Deposit 4

Savings
Schedule PMT # $ PMT $ INT $ BAL

$1,358. $1,358.
1 74 $0.00 74
$1,358. $16,41
12 74 $18.80 7.46
$1,358. $33,08
24 74 $39.61 2.87
$1,358. $50,00
36 74 $60.73 0.00

$48,91 $1,085
4.68 .32

1. How much money is deposited? $48,914.68

2. What is the total amount of interest earned? $1,085.32

3. What percent of the amount deposited is the interest earned? 2.2188%

4. How does the percent in #3 above compare to the APR? Explain. It is almost a whole percent
more than the APR because the payments and interest rate are so much larger.

5. How do the answers in #4 part I-A and #4 Part I-B compare? Explain. The percent in #3 is
slightly smaller than the APR in part A, and it is much larger than the APR in part B. This
is because the proportion of the interest rate to the payment amount is much greater in
part B than in part A.
Part II-A

$40,000
Truck Price .00
Percent
Down 15.00%
APR 1.00%
Pmt/Yr 12
Year 2

Amount $6,000.
Down 00
Amount $34,000
Loan .00
Monthly
Deposit $247.61

Savings $
Schedule PMT # PMT $ INT $ BAL

$247. $247.6
1 61 $0.00 1
$247. $2,985.
12 61 $2.28 01
$247. $6,000.
24 61 $4.79 00

$34,000
Loan Amount .00
APR 2.25%
Pmt/yr 12
yr 5

Monthly
Payment $599.67
$
Payment $ $ INT PRINC
Schedule PMT # PMT PD PD $ BAL
$34,000
.00
$599. $33,464
1 67 $63.75 $535.92 .08
$599. $27,502
12 67 $52.59 $547.08 .23
$599. $20,856
24 67 $40.16 $559.51 .74
$599. $14,060
36 67 $27.44 $572.23 .17
$599. $7,109.
48 67 $14.43 $585.24 10
$599.
60 67 $1.12 $598.55 $0.00

$1,98 $34,00
0.18 0.00

Total $35,98
Paid 0.18

1. What is the total amount of principle paid for the sixty payments? $34,000

2. What is the total amount of interest paid for the sixty payments? $1,980.18

3. What is the total amount paid for the sixty payments? $35,980.18

4. The total interest is what percent of the amount of the loan? 5.8241%

Part II-B
Home $250,00
Price 0.00
Percent
Down 20.00%
APR 1.50%
Pmt/Yr 12
Year 3

Amount $50,000.
Down 00
Amount $200,00
Loan 0.00
Monthly $1,358.7
Deposit 4

Savings
Schedule PMT # $ PMT $ INT $ BAL

$1,358. $1,358.
1 74 $0.00 74
$1,358. $16,41
12 74 $18.80 7.46
$1,358. $33,08
24 74 $39.61 2.87
$1,358. $50,00
36 74 $60.73 0.00

$48,91 $1,085
4.68 .32

1. What is total amount of principle paid for the 360 payments? $200,000

2. What is the total amount of interest paid for the 360 payments? $133,443.23

3. What is the total amount paid for the 360 payments? $333,443.23

4. The total interest is what percent of the amount of the loan? 66.7216%

5. How does the total percent of interest paid for the truck loan compare to the total percent of
interest paid for the mortgage?

The percent of interest is much greater for the mortgage because more money was
borrowed and over a longer period of time.
Loan $200,00
Amount 0.00
APR 3.75%
pmt/yr 12
yr 30

Monthly
Payment $926.23

Payment $ $ INT $ PRINC


Schedule PMT # PMT PD PD $ BAL
$200,00
0.00
$926. $199,69
1 23 $625.00 $301.23 8.77
$926. $196,32
12 23 $614.48 $311.75 2.45
$926. $180,15
60 23 $564.11 $362.12 4.63
$926. $156,22
120 23 $489.56 $436.67 3.55
$926. $92,566.
240 23 $291.25 $634.98 43
$926.
360 23 $2.89 $923.35 $0.00

$133,44 $200,00
3.23 0.00

Total $333,44
Paid 3.23
Part III

This project helped me understand how important interest rates are when taking out a loan. I
never realized how much more money you could end up spending just because of a high interest
rate on a loan. If the interest rates were lower in the project, the total amount of interest paid
would be less compared to the amount of the loan. The amount of interest paid would also be
much less if the loans were over a shorter period of time with fewer payments as a result. This
project has helped me a lot for the future because I realize the importance of the number of
payments on a loan and the interest rate of a loan. When I buy a house or a car, I will make sure I
get a good interest rate on the loan and that I have the ability to pay it off quickly so I don't end
up paying too much in interest. I would rather wait to take out a loan when I have enough money
to pay it off quickly.