BUSINESS MANAGEMENT|My homework helper

Posted: February 28th, 2023

Steps to Perform:

1. Open the worksheet Loan and complete the shaded cells with values or formulas, using functions as appropriate. Widen columns as needed.

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2. Pay particular attention to the correct use of absolute and relative cell references.

3. Show all values as positive numbers.

4. Check all cells for correct number formatting. All dollar values should be Accounting format with 0 decimal places.

SOLUTION

You are considering purchasing a house. The loan that you will need will be for $500,000 and will be paid back with equal monthly payments over 20 years at an annual interest rate of 4.5%. You will complete an amortization table to show the details of the loan payments for the first 2 years of the loan. Steps to Perform: 1. Open the worksheet Loan and complete the shaded cells with values or formulas, using functions as appropriate. Widen columns as needed. 2. Pay particular attention to the correct use of absolute and relative cell references. 3. Show all values as positive numbers. 4. Check all cells for correct number formatting. All dollar values should be Accounting format with 0 decimal places.

SOLUTION

Open a new Excel spreadsheet.
In cell A1, enter “Payment Number.”
In cell B1, enter “Beginning Balance.”
In cell C1, enter “Monthly Payment.”
In cell D1, enter “Interest Payment.”
In cell E1, enter “Principal Payment.”
In cell F1, enter “Ending Balance.”
In cell G1, enter “Total Interest Paid.”
In cell A2, enter the number 1. This will be the first payment number.
In cell B2, enter the loan amount of $500,000.
In cell C2, enter the formula “=PMT(4.5%/12,20*12,-500000)”. This will calculate the monthly payment needed to pay off the loan over 20 years at 4.5% annual interest rate.
In cell D2, enter the formula “=(B2*(4.5%/12))”. This will calculate the interest payment for the first payment.
In cell E2, enter the formula “=(C2-D2)”. This will calculate the principal payment for the first payment.
In cell F2, enter the formula “=(B2-E2)”. This will calculate the ending balance for the first payment.
In cell G2, enter the formula “=(D2)”. This will calculate the total interest paid for the first payment.
Select cells B2:G2 and drag down the fill handle to fill in the formulas for the next 23 rows (for a total of 24 rows).
Check that all values are positive and in the appropriate format (dollar values in accounting format with 0 decimal places).

This should create an amortization table for the first 2 years of the loan. Note that this table assumes that payments are made on the first day of each month.

To create an amortization table for the first 2 years of the loan with the given parameters, you can follow these steps:

Open a new Excel spreadsheet.
In cell A1, enter “Payment Number.”
In cell B1, enter “Beginning Balance.”
In cell C1, enter “Monthly Payment.”
In cell D1, enter “Interest Payment.”
In cell E1, enter “Principal Payment.”
In cell F1, enter “Ending Balance.”
In cell G1, enter “Total Interest Paid.”
In cell A2, enter the number 1. This will be the first payment number.
In cell B2, enter the loan amount of $500,000.
In cell C2, enter the formula “=PMT(

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