Create an amortization schedule/sinking fund schedule for the following: a. A $500,000 loan with level payments made at...
Create an amortization schedule/sinking fund schedule for the following: a. A $500,000 loan with level payments made at the end of each year for 30-years. Assume an annual effective interest rate on the loan of 4% and that the loan is repaid with the amortization method.
In excel with equations listed please.
Homework Answers
Monthly Payment is calculated using excel formula "=PMT(rate, nper, pv, fv)"
where rate = interest rate = 4%
nper = number of years = 30
pv = present value of loan = 500000
fv = value of loan after 30 years = 0
Calculating using above formula -
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