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
Related questions
Question
100%
![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
You want to perform a what-if analysis to determine the rate if the monthly payment is
$1,150 instead of $1,207.87.
20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F28e2909e-59ae-4572-aed3-07960c54a16c%2F18f26f14-cb0f-4de2-b4fe-9517f35028c6%2Fl1c7ug_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
You want to perform a what-if analysis to determine the rate if the monthly payment is
$1,150 instead of $1,207.87.
20
![A
E
F
G
H
1 Loan Information
Payment # Beg Balance Interest Principal End Balance
2 Loan (PV)
3 АPR
4 Monthly Rate
$ 75,000.00
$ 75,000.00
$
$
1
5.00%
2
0.42%
3
5 Years for Loan
6
4
6 NPER
72
5
$
7 Monthly Payment
$1,207.87
$
8
9 Cumulative Totals after Year 2
$
10 Interest
$
11 Principal Paid
10
$
12
$
$
11
13 What if the goal is $1,150 monthly payment?
14 Monthly Payment
12
$ 1,150.00
13
15 Monthly Rate Needed
16 APR Needed
14
$
15
$
17
16
18
17
$
19
18
20
19
$
21
20
2$
22
21
$
23
22
24
23
$
25
24
$
26
27
28
29
30
31
32
33
34
Week
Stats
Map
Loan
LO
6789
B.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F28e2909e-59ae-4572-aed3-07960c54a16c%2F18f26f14-cb0f-4de2-b4fe-9517f35028c6%2Fv4nzhdd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A
E
F
G
H
1 Loan Information
Payment # Beg Balance Interest Principal End Balance
2 Loan (PV)
3 АPR
4 Monthly Rate
$ 75,000.00
$ 75,000.00
$
$
1
5.00%
2
0.42%
3
5 Years for Loan
6
4
6 NPER
72
5
$
7 Monthly Payment
$1,207.87
$
8
9 Cumulative Totals after Year 2
$
10 Interest
$
11 Principal Paid
10
$
12
$
$
11
13 What if the goal is $1,150 monthly payment?
14 Monthly Payment
12
$ 1,150.00
13
15 Monthly Rate Needed
16 APR Needed
14
$
15
$
17
16
18
17
$
19
18
20
19
$
21
20
2$
22
21
$
23
22
24
23
$
25
24
$
26
27
28
29
30
31
32
33
34
Week
Stats
Map
Loan
LO
6789
B.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
Np Ms Office 365/Excel 2016 I Ntermed
Computer Science
ISBN:
9781337508841
Author:
Carey
Publisher:
Cengage
Programming Logic & Design Comprehensive
Computer Science
ISBN:
9781337669405
Author:
FARRELL
Publisher:
Cengage
Np Ms Office 365/Excel 2016 I Ntermed
Computer Science
ISBN:
9781337508841
Author:
Carey
Publisher:
Cengage
Programming Logic & Design Comprehensive
Computer Science
ISBN:
9781337669405
Author:
FARRELL
Publisher:
Cengage