There may a situation arise that you have to borrow money from a mortgage. You can easily create amortization schedule using Excel 2007. How to make Loan amortization schedule Excel 2007?
Loan Amortization Schedule Excel 2007
Steps to create amortization schedule:
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Open Excel 2007 on your computer.
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Open a blank sheet.
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Cell B1 will contain your interest rate.
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Provide it a name like ‘Rate’.
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Cell B2 will contain the number of months you have to pay.
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Provide it a name like ‘Term’.
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Cell B3 will contain the amount you borrowed.
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Provide it a name like ‘Principal’.
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In Cell A6 number 1 will be written that is your payment number.
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If you write the formula =Principal in A6 then the same amount will appear in Cell B6 and B3.
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Write =PPMT (Rate/12, $A6, Term, Principal) in Cell C6.
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Write =IPMT (Rate/12, $A6, Term, Principal) in Cell D6. This tells the interest to be paid.
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Type =PMT (Rate/12, Term, Principal) in Cell E6. This is the total amount.
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Enter formula =A6+1 in A7 Cell.
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Enter formula B6+C6 in Cell B7. It has the new principal.
You can install templates for amortization in the Excel spreadsheet. In Excel 2007:
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Press on the Office button and select New.
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A new workbook dialog box will open.
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From the left side click on the Installed templates.
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Select the Loan amortization Template.
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Then press on Create which will load the template.
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Fill the details. In Excel 2010:
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From the ribbon click on the file tab.
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From the left side click on New.
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Select the Sample templates.
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Select the Loan amortization Template.
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Then press on Create which will load the template.
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Fill the details. (290)
