ISE504_Project1 - ISE 504 Spring 2008 Project I -...

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ISE 504 Spring 2008 Project I - Amortization Schedule Create an amortization schedule that can be used to find the monthly payment for a consumer loan of up to 30 years (360 months). The following are variable inputs (the spreadsheet should automatically update when they are changed): loan amount annual percentage rate (nominal annual rate) loan length (in months) extra payments made (prepayment) in any period The following are fixed inputs and/or assumptions: the compounding period is daily 30 days per month; 360 days per year all payments are monthly and made at the end of the month the required monthly payment is not reduced by prepayment The following are required outputs that should automatically update upon changing the variable inputs: monthly effective interest rate required monthly payment total interest paid over the life of the loan a table consisting of starting balance, interest, required payment, extra payment (prepayment), and ending balance for each period An example is attached. Please use a similar format to facilitate grading. The periods that follow loan payoff should go to zero, but they do not need to disappear. The attached example may also be used as a benchmark to debug your spreadsheet. When your spreadsheet is complete and debugged, answer the following questions. Keep words to an absolute minimum and make sure that numerical answers are clearly offset from text. (I shouldn’t have to go looking for your answers in a paragraph.) Answers must be typed in a MS Word (*.doc) or Adobe Acrobat (*.pdf) file, not to exceed one page of 12-point font.
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This lab report was uploaded on 04/18/2008 for the course ISE 504 taught by Professor Pierson during the Spring '08 term at Ohio State.

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ISE504_Project1 - ISE 504 Spring 2008 Project I -...

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