Excel assignment 2
Monthly Payment
| Term (Years) | 30 | ||
| Annual Rate | 6% | ||
| No. of Months in a year | 12 | ||
| Loan | Monthly Payment using the formula | Using PMT Function | |
| $300,000.00 | $1,798.65 | $1,798.65 | |
| $400,000.00 | $2,398.20 | $2,398.20 | |
| $500,000.00 | $2,997.75 | $2,997.75 | |
| $600,000.00 | $3,597.30 | $3,597.30 |
Amortization Table 1
| Amortization Table | ||||
| Loan | $5,000 | |||
| Rate | 12% | |||
| Term(Year) | 1 | |||
| No. of Months in a year | 12 | |||
| Payment Number | Monthly Payment | Amount to Interest | Amount to Principal | Remaining Balance |
| 0 | $5,000.00 | |||
| 1 | $444.24 | $50.00 | $394.24 | $4,605.76 |
| 2 | $444.24 | $46.06 | $398.19 | $4,207.57 |
| 3 | $444.24 | $42.08 | $402.17 | $3,805.40 |
| 4 | $444.24 | $38.05 | $406.19 | $3,399.21 |
| 5 | $444.24 | $33.99 | $410.25 | $2,988.96 |
| 6 | $444.24 | $29.89 | $414.35 | $2,574.61 |
| 7 | $444.24 | $25.75 | $418.50 | $2,156.11 |
| 8 | $444.24 | $21.56 | $422.68 | $1,733.42 |
| 9 | $444.24 | $17.33 | $426.91 | $1,306.51 |
| 10 | $444.24 | $13.07 | $431.18 | $875.34 |
| 11 | $444.24 | $8.75 | $435.49 | $439.85 |
| 12 | $444.24 | $4.40 | $439.85 | $0.00 |
Amortization Table 2
| Amortization Schedule | ||||
| Loan | $10,000 | |||
| Rate | 9% | |||
| No. of months in a year | 12 | |||
| Term(Year) | 1.5 | |||
| Payment Number | Monthly Payment | Amount To Interest | Amount To Principal | Remaining Balance |
| 0 | $10,000.00 | |||
| 1 | $595.98 | $75.00 | $520.98 | $9,479.02 |
| 2 | $595.98 | $71.09 | $524.88 | $8,954.14 |
| 3 | $595.98 | $67.16 | $528.82 | $8,425.32 |
| 4 | $595.98 | $63.19 | $532.79 | $7,892.53 |
| 5 | $595.98 | $59.19 | $536.78 | $7,355.75 |
| 6 | $595.98 | $55.17 | $540.81 | $6,814.94 |
| 7 | $595.98 | $51.11 | $544.86 | $6,270.08 |
| 8 | $595.98 | $47.03 | $548.95 | $5,721.13 |
| 9 | $595.98 | $42.91 | $553.07 | $5,168.06 |
| 10 | $595.98 | $38.76 | $557.22 | $4,610.84 |
| 11 | $595.98 | $34.58 | $561.40 | $4,049.45 |
| 12 | $595.98 | $30.37 | $565.61 | $3,483.84 |
| 13 | $595.98 | $26.13 | $569.85 | $2,913.99 |
| 14 | $595.98 | $21.85 | $574.12 | $2,339.87 |
| 15 | $595.98 | $17.55 | $578.43 | $1,761.44 |
| 16 | $595.98 | $13.21 | $582.77 | $1,178.68 |
| 17 | $595.98 | $8.84 | $587.14 | $591.54 |
| 18 | $595.98 | $4.44 | $591.54 | $0.00 |