Question

Amortizing Loan Assignment Excels:

	Loan Amount	Term (years)	Interest Rate	Payment Frequency
Punam Barua	$500,000	25	3.50%	monthly
Militza Bodesinsky	$9,500	3	25.00%	monthly
Rob Boucher	$350,000	20	3.00%	monthly
Janice Coleman	$1,000,000	15	2.50%	monthly
Sadiera Crawford	$6,500	3	30.50%	monthly
Delitzel Cruz	$750,000	20	4.00%	monthly
Eroldy Duverge	$25,000	5	6.25%	monthly
Arlene Flores-Icaza	$400,000	30	5.25%	monthly
John Gurcak	$35,000	6	6.75%	monthly
George Juzdan	$800,000	30	3.65%	monthly
Amani Katerji	$10,000	3	30.00%	monthly
Shanay Leary	$1,100,000	30	4.15%	monthly
Giro Maccheroni	$975,000	20	4.75%	monthly
Ilana Mulcahy	$30,000	5	6.50%	monthly
harita patel	$1,200,000	15	3.125%	monthly
Vanessa Paz	$7,200	3	32.00%	monthly
Ting Shih-Okawachi	$750,000	20	4.25%	monthly
Jorge Torres	$9,500	3	25.00%	monthly
Cumanda Villacis	$415,000	15	2.25%	monthly

Answer 1

Awnser :-

Loan amortization provides borrowers with a clear and consistent picture of how much they will be repaying during each repayment cycle. Borrowers will have a fixed repayment schedule over the repayment period of the loan. Payments will be made in regular installments in a set amount that consists of both principal and interest. Common examples of amortized loans include student loans, car loans and home mortgages.

Monthly payment i.e. can be calculated by below formula:-

And the formula for interest is as follows:-

Where,

• P = Principle
• r= Rate of interest
• t = Time in terms of year
• n = Monthly payment in a year
• I = Interest
• ƥ = Monthly Payment or EMI amount

With the using of this formula we calculate amortization of loan which is mentioned is below excel sheet