Question

For this assignment you are required to create two loan amortization schedules. However, after you create the first one, you can simply just copy and paste to add rows for the second schedule.

Your directions are as follows:

1. Create a loan amortization schedule using Excel for a $36,000 car loan that will be repaid over 60 months at an annual interest rate of 4.5%.
   1. What is your monthly payment?
   2. What is the total amount you have paid over the life of the loan?
2. Create a loan amortization schedule using Excel for a $265,000 mortgage that will be repaid over 30 years with monthly payments. The annual interest rate is 5%.
   1. What is your monthly payment?
   2. What is the total amount you have paid over the life of the loan?
   3. How many years will it take to pay off the loan if you pay an extra $100 per month? (This might be easiest to copy and past the second spreadsheet into a third workbook, and then make the changes as needed there!

Answer the above questions on your spreadsheet, and make sure they are clearly highlighted for me to find.

Answer 1

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