Need help writing a formula to calculate IMPT. Answers should be the same as shown below.

The remaining principal for period 1 is the total amount of the loan (purchase price plus sales tax minus down payment). For each period after, the remaining principal is the amount remaining in the previous period minus the principal paid in the previous period. For example, in period 2 the remaining principal is $38,090$589.20. Note: payments are stored as negative numbers, how do you account for that when writing a formula to calculate the remaining principal? The IPMT function is used to calculate the interest payment for each period and the PRMT function is used to calculate the principal payment for each period. Those two amounts should add up to the periodic payment amount calculated earlier - you can use this to check that your worksheet is functioning correctly. The IPMT and PRMT each accept the same 6 arguments, 2 of which are optional. Five of the arguments are identical to the PMT function above, including whether they are required or optional. The new argument with these functions is PER, this is the period for which you want to find the interest or payment. It must be in the range of 1 to Nper ( 1 is the first period and Nper is the last period in the loan). Your amortization schedule should look similar to the figure below (only the first 18 periods are shown below). Calculating the periodic payment: The periodic payment is the total amount of principal and interest that is paid on the loan for each period. The periodic payment is the same for every period for the life of the loan. Use the PMT function to calculate the periodic payment for the auto loan. The principal of the loan (present value) is the purchase price minus the down payment plus the sales tax - the tax is added to the loan for an auto loan. Hint - the interest rate used in this function is the periodic interest rate, this is the yearly interest rate divided by the number of periods. Your worksheet should have the values in the figure below: The remaining principal for period 1 is the total amount of the loan (purchase price plus sales tax minus down payment). For each period after, the remaining principal is the amount remaining in the previous period minus the principal paid in the previous period. For example, in period 2 the remaining principal is $38,090$589.20. Note: payments are stored as negative numbers, how do you account for that when writing a formula to calculate the remaining principal? The IPMT function is used to calculate the interest payment for each period and the PRMT function is used to calculate the principal payment for each period. Those two amounts should add up to the periodic payment amount calculated earlier - you can use this to check that your worksheet is functioning correctly. The IPMT and PRMT each accept the same 6 arguments, 2 of which are optional. Five of the arguments are identical to the PMT function above, including whether they are required or optional. The new argument with these functions is PER, this is the period for which you want to find the interest or payment. It must be in the range of 1 to Nper ( 1 is the first period and Nper is the last period in the loan). Your amortization schedule should look similar to the figure below (only the first 18 periods are shown below). Calculating the periodic payment: The periodic payment is the total amount of principal and interest that is paid on the loan for each period. The periodic payment is the same for every period for the life of the loan. Use the PMT function to calculate the periodic payment for the auto loan. The principal of the loan (present value) is the purchase price minus the down payment plus the sales tax - the tax is added to the loan for an auto loan. Hint - the interest rate used in this function is the periodic interest rate, this is the yearly interest rate divided by the number of periods. Your worksheet should have the values in the figure below