<p> Loan Amortization Spreadsheet</p><p>1. Open a new spreadsheet and enter in the following titles into the appropriate cells.</p><p>A B C D E F 1 Loan Amortization 2 3 Principal: 4 Interest Rate: 5 Number of Payments: 6 7 Monthly Payment: 8 9 Total Paid: 10 Total Interest: 11 12 Payment Principal Pay to Interest Pay to Principal Principal Owed 13 14</p><p>2. Enter the Loan’s information. a. In cell C3, enter the principal: 100000 b. In cell C4, enter the yearly interest rate: 6.25% c. In cell C5, enter the number if payments: 360 (30 years times 12 payments per year)</p><p>3. Calculate the monthly payment. a. In cell C7, enter the formula: =PMT(C4/12, C5, -C3)</p><p>4. Calculate total paid and total interest. a. In cell C9, enter the formula: =ROUND(C5*C7, 2) b. In cell C10, enter the formula: =C9-C3</p><p>5. Enter the first payment information. a. In cell A13, enter: 1 b. In cell B13, enter: =C3 c. In cell C13, enter: =B13*($C$4/12) d. In cell D13, enter =IF(C13< .01, 0, $C$7-C13) e. In cell E13, enter =B13-D13</p><p>6. Enter the formulas for the 2nd payment. a. In cell A14, enter: =A13+1 b. In cell B14, enter =E13 c. Highlight cells C13 to E13, fill down to cells C14 to E14 (just one row!)</p><p>7. Complete the table using fill down. a. Highlight cells A14 to E14, fill down to row 372. The principal owed should be $0.00, which indicates the loan was paid in full. Make sure you’ve selected currency format for all cells C13 to E372.</p><p>8. Modify the spreadsheet to create an auto loan. a. Highlight rows 73 to 372, right click and clear contents. b. In cell C3, enter the new principal: 15000 c. In cell C4, enter the new yearly interest: 6.00% d. In cell C5, enter the new number of payments: 60</p><p>9. Printing. a. In Formula ribbon, select Show Formulas b. In Insert ribbon, select Header/Footer and type in your name and period number. c. Select print, selecting pages radio button and enter 1 into the textbox, only printing the first page. </p>