Financial Error Analysis Assignment

For this assignment, you will analyze three questions that have been solved by a student. Each example has one error in the solutions. Copy and paste the questions into the discussion board and write a note to the student of what the error is for each example. When correcting each student, be specific as to what was wrong for each case.

Example 1: Complete the first month’s charges and find the balance for Month 2. The APR is 15.99% with a minimum payment of 5%. The carry-over balance is $500.

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Student Answer:

Month Carry-Over Balance Finance Charge New Balance Minimum Payment
1 $500 $6.66 $506.66 $25.33
2 $474.67 XXXXXXXX XXXXXXX XXXXXXXXX

Example 2: What exact excel formula is needed to find the monthly payment for a house that costs $90,000? The APR is 4.5% for a 30-year loan.

Student Answer:

=PMT(4.5/12,30*12,-90000)

Example 3: Using Excel, what formula is needed to find the total loan amount for a new car? You can spend $180 each month on payments and the loan rate is 5.72% for 4 years.

Student Answer:

=PV(.0572/12,4/12,-180)
**MUST PLEASE USE EXCEL FOR ASSIGNMENT**

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