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(Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store...

Question

(Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store...

(Annuity number of periods) Youve just bought a new flat-screen TV for $3,600 and the store you bought it from offers to let
(Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 11 percent compounded monthly. If you take the financing and make monthly payments of $110, how long will it take to pay off the loan? How much will you pay in interest over the life of the loan? a. The number of years it will take to pay off the loan is years. (Round to one decimal place.) b. The amount you will pay in interest over the life of the loan is $ (Round to the nearest cent.)

Answers

Cost of TV bought 3600
Interest rate 11%
EMI 110
Month 1
Particulars Calculation Answer
monthly Interest formula 3600*(11%/12) 33
Principle repayment part in EMI for month 1 110-33 77
110
Principle outstanding after Month 1 EMI payment 3600-77         3,523
Month 2
Particulars Calculation Answer
monthly Interest formula 3,523*(11%/12)               32
Principle repayment part in EMI for month 1 110-32               78
110
Principle outstanding after Month 2 EMI 3,523-78         3,445
Likewise if we continue the above process for remaining months below table will come
S.No EMI Int Prince Net Outstanding
1 110 33               77                      3,523
2 110                                                  32               78                      3,445
3 110                                                  32               78                      3,367
4 110                                                  31               79                      3,288
5 110                                                  30               80                      3,208
6 110                                                  29               81                      3,127
7 110                                                  29               81                      3,046
8 110                                                  28               82                      2,964
9 110                                                  27               83                      2,881
10 110                                                  26               84                      2,797
11 110                                                  26               84                      2,713
12 110                                                  25               85                      2,628
13 110                                                  24               86                      2,542
14 110                                                  23               87                      2,455
15 110                                                  23               87                      2,368
16 110                                                  22               88                      2,280
17 110                                                  21               89                      2,190
18 110                                                  20               90                      2,101
19 110                                                  19               91                      2,010
20 110                                                  18               92                      1,918
21 110                                                  18               92                      1,826
22 110                                                  17               93                      1,733
23 110                                                  16               94                      1,638
24 110                                                  15               95                      1,543
25 110                                                  14               96                      1,448
26 110                                                  13               97                      1,351
27 110                                                  12               98                      1,253
28 110                                                  11               99                      1,155
29 110                                                  11               99                      1,055
30 110                                                  10            100                          955
31 110                                                    9            101                          854
32 110                                                    8            102                          752
33 110                                                    7            103                          648
34 110                                                    6            104                          544
35 110                                                    5            105                          439
36 110                                                    4            106                          333
37 110                                                    3            107                          226
38 110                                                    2            108                          119
39 110                                                    1            109                            10
                                              700         3,590
Total Interest Paid            700
No of years 39/12 3.25


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