Homework Answers
Using excel formula
| A | B | C | D | E | F | |
| 1 | Amortisation Schedule | |||||
| 2 | ||||||
| 3 | Loan Amount to be repaid(PV) | 20000 | ||||
| 4 | Interest Rate(r) | 7% | ||||
| 5 | Length of loan (in years) | 4 | ||||
| 6 | ||||||
| 7 | a. Setting up Amortization table | Formula | ||||
| 8 | Calculation of loan payment | $5,904.56 | PMT(B4,B3,-B2) | |||
| 9 | ||||||
| 10 | Years | Beginning Balance | PMT =PMT(7%,4,-20000) | Interest part of PMT | Principal part of PMT= PMT-Interest | Ending Balance |
| 11 | 1.00 | 20000.00 | 5904.56 | 1400.00 | 4504.56 | 15495.44 |
| 12 | 2.00 | 15495.44 | 5904.56 | 1084.68 | 4819.88 | 10675.56 |
| 13 | 3.00 | 10675.56 | 5904.56 | 747.29 | 5157.27 | 5518.28 |
| 14 | 4.00 | 5518.28 | 5904.56 | 386.28 | 5518.28 | 0.00 |
| Years | Beginning Balance | PMT =PMT(7%,4,-20000) | Interest part of PMT | Principal part of PMT= PMT-Interest | Ending Balance | |
| 1.00 | B3 | B8 | B4*B11 | C11-D11 | B11-E11 | |
| 2.00 | F11 | B8 | B4*B12 | C12-D12 | B12-E12 | |
| 3.00 | F12 | B8 | B4*B13 | C13-D13 | B13-E13 | |
| 4.00 | F13 | B9 | B4*B14 | C14-D14 | B14-E14 |
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