Calculate the payment amount for the loan in cell C15. Reference the cells containing the appropriate
loan information as the arguments for the function you use. Cells C20-C67 in the "Payment" column are
populated with
...
Calculate the payment amount for the loan in cell C15. Reference the cells containing the appropriate
loan information as the arguments for the function you use. Cells C20-C67 in the "Payment" column are
populated with the payment amount from cell C15. [34 Points] Correct Answer-=PMT(Rate/#months of
term,LoanAmt)
=PMT(C13/12,C12,C11)
Calculate, in cell D20, the interest amount for period 1 by multiplying the balance in period 0 (cell F19)
by the loan interest rate (cell C13) divided by 12. Dividing the interest rate by 12 results in the monthly
interest rate. This formula is reusable. The interest for a given period is always the monthly interest rate
times the balance from the previous period. Correct Answer-=F19*$C$13/12
Calculate, in cell E20, the principal amount for period 1. The principal amount is the difference between
the payment amount (cell C20) and the interest amount (cell D20) for period 1. Construct your formula
in such a way that it can be reused to complete the "principal" column of the amortization table. Correct
Answer-=C20-D20
Calculate, in cell F20, the balance for period 1. The balance is the difference between the balance for
period 0 (cell F19) and the principal amount for period 1 (cell E20). This formula is reusable. The balance
is always calculated as the difference between the balance from the previous period and the principal
amount for the current period. Correct Answer-=F19-E20
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