Create labels in cells A1 down through A4 as follows: Loan Amount, Interest Rate, Months, and Payments

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Create an Amortization Table in Excel – Example

1 Launch Microsoft Excel and open a new spreadsheet

2 Create labels in cells A1 down through A4 as follows: Loan Amount, Interest Rate, Months, and Payments. Rename this sheet Example 1.

3 Include the information pertaining to your loan in the cells B1 down through B3

4 Enter your loan interest rate as a percentage.

5 Calculate your payment in cell B4 by typing " =ROUND(PMT($B$2/12,$B$3,-$B$1,0), 2)" into the formula bar without the quotation marks and press the Enter key.

The dollar signs in the formula are absolute references to make sure the formula will always look to those specific cells, even if it is copied elsewhere into the worksheet.

The loan interest rate must be divided by 12 since it is an annual rate that is calculated monthly.

For example, if your loan is for $150,000 at 6 percent interest for 30 years (360 months), your loan payment will calculate out to $899.33.

6. Label the columns from cell A7 across through H7 as follows: Period, Beginning Balance, Payment, Principal, Interest, Cumulative Principal, Cumulative Interest and Ending Balance.

7   Populate the Period column. 

Enter the month and year of the first loan payment in cell A8. You may need to format the column to show the month and year correctly.

Select the cell, click and drag down to fill the column to cell A19. Make sure the Auto Fill Option is set to "Fill Months."

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