Annual Interest Rate = 7%

Amortization Schedules on a Spreadsheet An amortization schedule like that in Example 3 can be cre- ated with a spreadsheet. In cells Al through El, enter the enter277.22. Highlight the whole sheet and click on the S button to convert all cells to dollar format: Next, in cell C2, enter-A2*0.07/12, in cell D2, enter-B2-C2; 1: Finally, copy cells A3 through E3 and paste them into cellsSS A4 through E61. This process generates the amortization schedule for all 60 months of the loan period. Note that the monthly portion devoted to interest de- final payment reduces the balance to 1 creases steadily. The 1. Suppose Henri decides to pay $300 per month. Make the 2. Suppose Henri decides to pay $350 per month. Make the necessary changes to the amortization schedule. By how many months is the length of the loan reduced, and how much interest does he save? necessary changes to the amortization schedule. By how much interest does he save