Take-Home Exam (5 points) Dear Acct 2110 students. The following is your Take-Home exam. Each student must submit this e

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Take Home Exam 5 Points Dear Acct 2110 Students The Following Is Your Take Home Exam Each Student Must Submit This E 1 (303.27 KiB) Viewed 18 times

Take-Home Exam (5 points) Dear Acct 2110 students. The following is your Take-Home exam. Each student must submit this exam as an attachment to your email. Please use "Take-home Exam" in the subject area of your email. This is due by April 11, 2022. Recently you purchased a nice car for $52,000 on January 1, 20x1. The dealer asked you to pay $2000 down and offered you financing for the remaining. The condition of the financing was as follows: 1. Total period was 7 years, 2. Interest rate is 1.9% 3. Your payment should be at the end of each month. Required to calculate your monthly payments using the appropriate time value of money provided for you at attached documents and also posted on the blackboard. You must prepare the following the schedule in Excel and fill in the numbers. Make sure DO NOT type the numbers and rather transfer the cells. Schedule of Loan Amortization ? ? ? #of Period in years # of period in months Interest rate per year Interest rate per month Principle of the loan Annuity (monthly payment) ? ? Please Note: For calculation of the Annuity, you must use the appropriate Time Value of Money Formula provided below: Time Value of Money Formulas: . Future Value of a single sum >> FV=PV (1+i)" Present Value of a single sum >> PV-FV (1+i)" Future Value of an ordinary annuity >> FVOA = A ((1+i)" -1)/) • Present Value of an ordinary annuity >> PVOA = A((1-(1/(1+i)"))/)) Present Value of an annuity due >> PVAD = A (1+((1-1/(1+i))/)) • Present Value of perpetual Annuity >> PVpX = A/i Fundamental Variables i-Rate n - Number of time periods FV - Future value • PV - Present value • A - Annuity Payments Interest Principle Period 1/1/X1 1/30/X1 Balance $50,000