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On April 1 , 2 0 2 0 , Clyde Barrow Company bought a delivery truck for $ 7 5 , 0 0 0 on
On April Clyde Barrow Company bought a delivery truck for $ on a fiveyear installment note. You have been tasked with preparing an amortization table in Excel for the bookkeeper to assist him in recording the monthly payments, with the first payment starting on May Prepare a monthly amortization table for the loan showing the payment date, payment, principal part of the payment, the interest portion of the payment, and the remaining balance. At the top of the table, be sure to show the calculation of the monthly payment and, below the table, show the monthly journal entry to record the first payment on May st Everything should be set up so that if the interest rate or the principal of the loan were changed, the rest of the table will update appropriately. For an example of how to do this, google search amortization table in Excel, and you will find a lot of information on this. A link you can use is listed below. Link To Amortization Table Video Be sure that the amortization table has a header, describing the report, and that it prints out in a clear readable format, one page wide. The table will be longer than one page. So make sure that the column headers print on all pages. All numbers in the table must be calculated using a formula in each cell. Except for entering the initial information at the top of the table, everything else should be a formula. If you do not know how to get column headers to repeat on each page, google "how to get column headers to repeat on each page in Excel". Also be sure to have each number formatted the same. Please have two decimal places. So your payment should read like Be sure to use the "Round" function when linking the payment amount to the amortization table. This will help you avoid rounding errors when calculating the principle part of the payment. If you need help with the Round function, google search "how to use the round function in excel". Do not waste time entering the payment date individually. There are many ways to have a date automatically update and change by certain increments. For this project you want it to go up by one month. If you need to learn how to do so google search "how to use the eDate function in Excel" or "increasing a date in excel".
On April Clyde Barrow Company bought a delivery truck for $ on a fiveyear installment note. You
have been tasked with preparing an amortization table in Excel for the bookkeeper to assist him in recording the
monthly payments, with the first payment starting on May
Prepare a monthly amortization table for the loan showing the payment date, payment, principal part of the
payment, the interest portion of the payment, and the remaining balance. At the top of the table, be sure to show
the calculation of the monthly payment and, below the table, show the monthly journal entry to record the first
payment on May st Everything should be set up so that if the interest rate or the principal of the loan were
changed, the rest of the table will update appropriately.
For an example of how to do this, google search amortization table in Excel, and you will find a lot of information on
this. A link you can use is listed below.
Link To Amortization Table Video
Be sure that the amortization table has a header, describing the report, and that it prints out in a clear readable
format, one page wide. The table will be longer than one page. So make sure that the column headers print on all
pages. All numbers in the table must be calculated using a formula in each cell. Except for entering the initial
information at the top of the table, everything else should be a formula.
If you do not know how to get column headers to repeat on each page, google "how to get column headers to repeat
on each page in Excel".
Also be sure to have each number formatted the same. Please have two decimal places. So your payment should
read like
Be sure to use the "Round" function when linking the payment amount to the amortization table. This will help you
avoid rounding errors when calculating the principle part of the payment. If you need help with the Round function,
google search "how to use the round function in excel".
Do not waste time entering the payment date individually. There are many ways to have a date automatically update
and change by certain increments. For this project you want it to go up by one month. If you need to learn how to do
so google search "how to use the eDate function in Excel" or "increasing a date in excel".
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