PMT = $6,967

Personal Loan You just obtained a personal loan for $93,000 at 3.172% compounded monthly. For the fun of it, you are choosing to make regular quarterly payments the same size as the first four digits, (ignoring the leading zeros) of your own SAIT student ID (ex: if ID is 000123456, PMT = $1234). Make sure the payment is correct! How many payments will be required to pay off your personal loan? What will be the term of your personal loan, expressed in years and months? Your calculation should show a number of years and months (even if it's 0 month) (Hint: use the ROUNDing features, cell reference 12 months/year). Perform the following calculations without an amortization schedule. Do not calculate any value twice. If you calculate a value, cell reference it in a subsequent step whenever useful. What will be the loan balance after 2 years? What will be the principal reduction of the loan during the 3rd year? What will be the total amount of interest paid during the 3rd year? What will be the size of the final loan payment? Prepare a complete amortization schedule for your loan. ROUND all monetary values to the nearest cent. Express only the totals as currency. Perform checks to compare the answer of each of the above questions with your results from the amortization schedule. Choose a colour scheme such that the first answer is highlighted the same colour as the matching answer in the schedule (choose colours that are not too dark). Use a different colour for each new answer and its check. 3445.00 699.77 Please note: Some checks can be shown by highlighting cells directly 3445.00 601.46 on the amortization schedule; other checks will require a simple 3445.00 501.40 calculation using some amortization schedule values. Do any simple 3445.0 399.55 calculation beside the amortization schedule. Label clearly! For example, you might want to add a thicker border around a group of 3445.00 295.87 cells to indicate a check corresponding to a sum from a series of 3445.00 190.34 values. Refer to the example on the right. Note: Checked values might not match the schedule perfectly but should be very close! Personal Loan You just obtained a personal loan for $93,000 at 3.172% compounded monthly. For the fun of it, you are choosing to make regular quarterly payments the same size as the first four digits, (ignoring the leading zeros) of your own SAIT student ID (ex: if ID is 000123456, PMT = $1234). Make sure the payment is correct! How many payments will be required to pay off your personal loan? What will be the term of your personal loan, expressed in years and months? Your calculation should show a number of years and months (even if it's 0 month) (Hint: use the ROUNDing features, cell reference 12 months/year). Perform the following calculations without an amortization schedule. Do not calculate any value twice. If you calculate a value, cell reference it in a subsequent step whenever useful. What will be the loan balance after 2 years? What will be the principal reduction of the loan during the 3rd year? What will be the total amount of interest paid during the 3rd year? What will be the size of the final loan payment? Prepare a complete amortization schedule for your loan. ROUND all monetary values to the nearest cent. Express only the totals as currency. Perform checks to compare the answer of each of the above questions with your results from the amortization schedule. Choose a colour scheme such that the first answer is highlighted the same colour as the matching answer in the schedule (choose colours that are not too dark). Use a different colour for each new answer and its check. 3445.00 699.77 Please note: Some checks can be shown by highlighting cells directly 3445.00 601.46 on the amortization schedule; other checks will require a simple 3445.00 501.40 calculation using some amortization schedule values. Do any simple 3445.0 399.55 calculation beside the amortization schedule. Label clearly! For example, you might want to add a thicker border around a group of 3445.00 295.87 cells to indicate a check corresponding to a sum from a series of 3445.00 190.34 values. Refer to the example on the right. Note: Checked values might not match the schedule perfectly but should be very close