Please prepare a loan amortization for "Honda Accord car"
YOU ARE TO USE EXCEL TO CREATE AN EXCEL FILE TO COMPLETE THE FOLLOWING ASSIGNMENT. I VIEW USING EXCEL AS IMPORTANT AS COMPILING THE INFORMATION. THOSE USING A PER-PROGRAMMED FILE WILL EARN A GRADE of 0.
YOU MUST USE FORMULAS AND FINANCIAL FUNCTIONS (PMT) TO SOLVE THE PROBLEMS AND/OR TO PREPARE YOUR SCHEDULES.
YOU MUST SUBMIT A CELL DUMP WITH YOUR COMPLETED ASSIGNMENT.
I WILL ALSO RANDOMLY ASK INDIVIDUALS TO PRESENT THEIR RESULTS TO THE CLASS OR DISCUSS WITH ME HOW THEY PREPARED THEIR ANSWERS.
PART I. Prepare a monthly loan amortization schedule USING EXCEL for a current loan that you have or an obligation that you may enter into in the future (e.g. Student loan, car loan, home mortgage, refinancing of credit card debts, etc.). You will need to state the terms of the loan (N, I, PV, PMT and FV). Regardless of the length of the loan, please prepare an amortization schedule for the first 36 months ONLY (to save paper).
PART II. In a separate table, indicate how much interest expense is paid in each of those three years and also how much is applied each year to reducing the principal balance. Also, what is your loan balance projected to be after 36 months?
For Example: MONTHS INTEREST PRINCIPAL
1 - 12 $ $
13 - 24 $ $
25 - 36 $ $
If your religion does not permit you to be charged interest expense, please adjust your amortization schedule accordingly, but, state the repayment terms as applicable.
Indiv Loan Amort Web
Part 3. Analyze what happened and explain numbers.
Please see the solution attached.
"The amount of loan is taken at $300,000 for a term of 5 years (60 months) at an interest rate of 12% per annum. The monthly instalment comes to $6,673.33. As it can be observed from the loan amortization ...
The solution examines loan amortization schedules for Honda Accord Cars.