You borrowed $100,000 exactly 5 years ago. The loan is structured as an amortized loan. The...
You borrowed $100,000 exactly 5 years ago. The loan is structured as an amortized loan. The interest rate is 7% and you make quarterly (end-of-quarter) payments of $2124.88. The loan is amortized over 25 years. How much principal have you paid over the first 5 years? Use Excel to calculate. Please show all Excel formulas.
Homework Answers
Loan Amortization:
| Quarter | Opening Bal | Instalment | Int | Principal repay | Closing Bal |
| 1 | $ 1,00,000.00 | $ 2,124.88 | $ 1,750.00 | $ 374.88 | $ 99,625.12 |
| 2 | $ 99,625.12 | $ 2,124.88 | $ 1,743.44 | $ 381.44 | $ 99,243.68 |
| 3 | $ 99,243.68 | $ 2,124.88 | $ 1,736.76 | $ 388.12 | $ 98,855.56 |
| 4 | $ 98,855.56 | $ 2,124.88 | $ 1,729.97 | $ 394.91 | $ 98,460.66 |
| 5 | $ 98,460.66 | $ 2,124.88 | $ 1,723.06 | $ 401.82 | $ 98,058.84 |
| 6 | $ 98,058.84 | $ 2,124.88 | $ 1,716.03 | $ 408.85 | $ 97,649.99 |
| 7 | $ 97,649.99 | $ 2,124.88 | $ 1,708.87 | $ 416.01 | $ 97,233.98 |
| 8 | $ 97,233.98 | $ 2,124.88 | $ 1,701.59 | $ 423.29 | $ 96,810.70 |
| 9 | $ 96,810.70 | $ 2,124.88 | $ 1,694.19 | $ 430.69 | $ 96,380.00 |
| 10 | $ 96,380.00 | $ 2,124.88 | $ 1,686.65 | $ 438.23 | $ 95,941.77 |
| 11 | $ 95,941.77 | $ 2,124.88 | $ 1,678.98 | $ 445.90 | $ 95,495.88 |
| 12 | $ 95,495.88 | $ 2,124.88 | $ 1,671.18 | $ 453.70 | $ 95,042.17 |
| 13 | $ 95,042.17 | $ 2,124.88 | $ 1,663.24 | $ 461.64 | $ 94,580.53 |
| 14 | $ 94,580.53 | $ 2,124.88 | $ 1,655.16 | $ 469.72 | $ 94,110.81 |
| 15 | $ 94,110.81 | $ 2,124.88 | $ 1,646.94 | $ 477.94 | $ 93,632.87 |
| 16 | $ 93,632.87 | $ 2,124.88 | $ 1,638.58 | $ 486.30 | $ 93,146.56 |
| 17 | $ 93,146.56 | $ 2,124.88 | $ 1,630.06 | $ 494.82 | $ 92,651.75 |
| 18 | $ 92,651.75 | $ 2,124.88 | $ 1,621.41 | $ 503.47 | $ 92,148.28 |
| 19 | $ 92,148.28 | $ 2,124.88 | $ 1,612.59 | $ 512.29 | $ 91,635.99 |
| 20 | $ 91,635.99 | $ 2,124.88 | $ 1,603.63 | $ 521.25 | $ 91,114.74 |
| Principal repaid for 5 Years | $8,885.26 | ||||
Formula Used OPening Bal = previous Closing Bal
Instalment = given
Int = Opening Bal * int rate per quarter
Principal Repay = Instalment - Int
Closing Bal = Opening Bal - Principal repay
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