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Excel Exercise: Loan Amoritization

Loan Amoritization Video: https://www.youtube.com/watch?v=PlMvy2fnrQ0

Create a Loan Amortization Schedule Excel Assignment

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. You can rewatch the video on p. 8 of this lesson and/or create a loan amortization schedule similar to the one illustrated in under LO 4.13 of Chapter 4 of the textbook.

1. Create a loan amortization schedule using Excel for a $15,000 car loan that will be repaid over 60 months at an annual interest rate of 6%.

a. What is your monthly payment?

b. What is the total amount of payments made over the life of the loan

2. Create a loan amortization schedule using Excel for an $180,000 mortgage that will be repaid over 30 years with monthly payments. The annual interest rate is 5.5%.

a. What is your monthly payment?

b. What is the total amount of payments made over the life of the loan?

c. How many years will it take to pay off the loan if you pay an extra $100 per month?

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