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.

Don't use plagiarized sources. Get Your Custom Essay on
Financial Error Analysis Assignment
From as low as $9/Page
Order Essay

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**

How to place an order?

Take a few steps to place an order on our site:

  • Fill out the form and state the deadline.
  • Calculate the price of your order and pay for it with your credit card.
  • When the order is placed, we select a suitable writer to complete it based on your requirements.
  • Stay in contact with the writer and discuss vital details of research.
  • Download a preview of the research paper. Satisfied with the outcome? Press “Approve.”

Feel secure when using our service

It's important for every customer to feel safe. Thus, at The Homework Writings, we take care of your security.

Financial security You can safely pay for your order using secure payment systems.
Personal security Any personal information about our customers is private. No other person can get access to it.
Academic security To deliver no-plagiarism samples, we use a specially-designed software to check every finished paper.
Web security This website is protected from illegal breaks. We constantly update our privacy management.

Get assistance with placing your order. Clarify any questions about our services. Contact our support team. They are available 24\7.

Still thinking about where to hire experienced authors and how to boost your grades? Place your order on our website and get help with any paper you need. We’ll meet your expectations.

Order now Get a quote