Type in the following amounts in the cells indicated:ĥ Calculating Monthly Payments using Excel’s =PMT function. Saving the file as CARLOAN2.XLS (Office 2003 or earlier) or CARLOAN2.XLSX (Office 2007)Ĥ Entering the amount of the loan, interest rate, and the term: Then we use these figures to create the amortization schedule.ģ CARLOAN Download CARLOAN1.XLS from the online syllabus First, we must calculate what the monthly payments would be on a loan, given a principle (the amount you are borrowing), the interest rate, and the term (the number of years you are using to repay the loan). For each monthly payment you make on a loan it shows: (1) how much you paid, (2) how much of your payment was applied to interest on your outstanding loan, (3) how much of your payment was applied to the balance of the loan, and (4) the remaining balance. An Amortization Schedule is a table that is used when you have an outstanding loan. In this exercise we create an Amortization Schedule.
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