Statistics Notes Comment Accessibility Lookup Accessibility Insights Commene VIUS NET! Show Comment Comment Comments Comments Protect Protect Allow Edit Usher Sheet Workbook Ranges Workboe Proofing Language Notes Prated B9 A F H N 1 Loan Amount 2 Annual Interest Rate 3 Term Monthly Payment 5 $162,000.00 5.5% 30 $919.82 M Instructions Note: Cells Ci to C4 on this sheet automatically uses (pulls) the data from the previous sheet Interest Payment Number 6 7 Minifnum Payment on Principal Actual Payment Balance of Loan $162,000.00 $267,300.00 1 2 1. Write a formula in cells to calculate the first month's interest. Your formula should use cell E7 and cell C2 and the simple interest formula for one month. To copy this cell, you will need to use to lock cell C2 in your formula 3 10 11 4 5 6 7 12 13 14 15 16 17 18 2. Write a formula in cell C8 to calculate the payment on principal for the first month. This is done by subtracting the interest from the payment. You will need to lock the cell that references the monthly payment in this formula 3. Write a formula in cells to calculate the payment for the month (C8+08 should match your monthly payment in C3) 9 10 11 Home Loan Amortization Amortization with Extra Pay . o Type here to search o 7 Statistics Proofing Translate Lookup Insights Language Accessibility Accessibility New Comment Notes Delete Previous Next Show Comment Comment Comments Comments Protect Protect Allow Edit Sheet Workbook Ranges W Notes B9 Proted fox D E A 14 15 16 17 18 19 F G H M N 4. Write a formula in cell E8 to calculate the balance of the loan after the first month's payment. One way to do this is 7-08-08) 21 22 23 24 25 26 27 28 4. Once this is done, use the fill-down feature to complete columns B, C.D, and for the full 360 payments. S. Sum the total amount of interest you paid on this loan How much Interest did you pay the bank? $267,300.00 29 30 31 32 33 34 35 36 37 38 39 40 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Home Loan Amortization Amortization with Extra ry Type here to search O 1