Amortization schedule must include Interest calculation and a running balance
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
| 1 | Start with a Blank Excel Workbook | |||||||
| 2 | Your data will consist of the information provided below | |||||||
| 3 | Determine the Monthly Payment using the "PMT" formula | |||||||
| 4 | Create a detailed amortization schedule for the number of months below | |||||||
| 5 | Amortization schedule must include Interest calculation and a running balance | |||||||
| 6 | Create a Payment Dates Balance Lookup that uses the VLOOKUP formula to return the Balance for a given date | |||||||
| 7 | Extra credit (Use a Drop-Down list to select the Look up Date using "Payment Date" from your amortization scheduled | |||||||
| 8 | Format your document to only print the summary information without the amortization schedule (print on 1 page) | |||||||
| Purchase Amount: | $ 29,000.00 | |||||||
| Down Payment Amount | $ 1,000.00 | |||||||
| YourName Loan Amount | $ 28,000.00 | (Summary Information) | ||||||
| Term (months): | 36 | |||||||
| Interest Rate (APR): | 3.50% | |||||||
| Starting Date | 12/7/2021 | |||||||
| Monthly Payment: | $820.46 | |||||||
| Balance on Payment Date | Enter lookup date | Balance on Date | ||||||
| Period | Payment Date | Principal | Interest | Payment | Balance | |||
| 1 | 12/7/2021 | $(28,000.00) | $ (81.67) | $820.46 | $(27,261.21) | |||
| (Amortization Schedule) | ||||||||
| 36 | 11/7/2024 | $(XX.00) | $(XX.00) | $820.46 | $ - |
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