15 Use the Loan worksheet to complete the loan amortization table. In cell F2, insert the IPMT function to calculate the interest for the first payment. Copy the function to the range F3:F25. (The results will update after you complete the other functions and formulas.) In cell G2, insert the PPMT function to calculate the principal paid for the first payment. Copy the function to the range G3:G25. 16 In cell H2, insert a formula to calculate the ending principal balance. Copy the formula to the range H3:H25. 17 18 Now you want to determine how much interest was paid during the first two years. In cell B10, insert the CUMIPMT function to calculate the cumulative interest after the first two years. Make sure the result is positive. In cell B11, insert the CUMPRINC function to calculate the cumulative principal paid at the end of the first two years. Make sure the result is positive. 19 20 You want to perform a what-if analysis to determine the rate if the monthly payment is $1,150 instead of $1,207.87.
15 Use the Loan worksheet to complete the loan amortization table. In cell F2, insert the IPMT function to calculate the interest for the first payment. Copy the function to the range F3:F25. (The results will update after you complete the other functions and formulas.) In cell G2, insert the PPMT function to calculate the principal paid for the first payment. Copy the function to the range G3:G25. 16 In cell H2, insert a formula to calculate the ending principal balance. Copy the formula to the range H3:H25. 17 18 Now you want to determine how much interest was paid during the first two years. In cell B10, insert the CUMIPMT function to calculate the cumulative interest after the first two years. Make sure the result is positive. In cell B11, insert the CUMPRINC function to calculate the cumulative principal paid at the end of the first two years. Make sure the result is positive. 19 20 You want to perform a what-if analysis to determine the rate if the monthly payment is $1,150 instead of $1,207.87.
Chapter4: Analyzing And Charting Financial Data
Section: Chapter Questions
Problem 4.6CP
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