Math 13 Finite Mathematics – Fall 2011 Helene Payne, Instructor
Finite Mathematics, by Michael Sullivan, 11th Edition
Chapter 6 Homework Assignments
Read the section in the textbook before attempting the homework. Get help from me, the MLC, ILC or
Scotts Valley Resource Center. Do not resort to just copying down solutions from the Student's
Solutions Manual.
Note: eoo means every other odd: 1, 5, 9, 13, 17, 21, 25, 29, 33, 37, 41, 45, 49, 53, 57, 61, ...
Homework for 11th Edition:
Due Sep 8
6.1 # 1 – 61eoo, pages 299-301
6.2 # 1 – 53eoo, 59, 77, pages 311-316
6.3 # 1-21 eoo, pages 326-328
Due Sep 15
6.3 # 25-37 eoo, 51, pages 326-328
6.4 # 1-33 eoo, pages 341-344
+ Complete the Excel amortization table problem below. (5 points out of 10 for this assignment!!)
Homework for 10th Edition:
Due Sep 8
5.1 # 1 – 61eoo, pages 297-299
5.2 # 1 – 53eoo, 59, 77, pages 309-314
5.3 # 1-21 eoo, pages 324-326
Due Sep 15
5.3 # 25-37 eoo, 51, pages 324-326
5.4 # 1-33 eoo, pages 339-342
+ Complete the Excel amortization table problem below. (5 points out of 10 for this assignment!!)
AMORTIZATION TABLE IN Excel
In Class Problem Example: Pat and Maxine decide to buy a lot on which they plan to build a new
house. The lot costs $58,500 and the bank agrees to finance 80% of the cost at 9% compounded
monthly for a period of 3 years. Payments on the loan are to be made in equal semi-annual
installments.
In class, we calculated that the beginning loan principal was $46,880, and the amount of each payment
was $9089.02. Below I show my amortization table made using an Excel spreadsheet:
This is what I entered into Excel:
This is what showed up:
Payment #
Payment, p Interest
1
9089.02
2
9089.02
3
9089.02
4
9089.02
5
9089.02
6
9089.02
Applied to Principal Outstanding Principal
2109.6
6979.42
39900.58
1795.53
7293.49
32607.09
1467.32
7621.7
24985.38
1124.34
7964.68
17020.71
765.93
8323.09
8697.62
391.39
8697.63
-0.01
Homework Problem:
Make an amortization table using Microsoft Excel. Do this after completing homework problem
6.4:25, page 342 (5.4:25, page 340 in 10th edition), using the loan amount found in part (b) and the
monthly payment found in part (c). The table should show:
Payment #
Payment, p
Interest
Applied to Principal
Outstanding Principal
for the first 6 loan payments only!!! (There are a total of 360 payments, which would make the table
way too big.) Print out your result from Excel and attach it to the homework. You can copy formulas
in Excel saving yourself a lot of time.